Florida gas averages $3.80 a gallon, lowest in four months, with Panama City at $3.50

In Panama City, a gallon of regular averaged $3.50 as of Sunday. In the West Palm Beach-Boca Raton area, it averaged $3.97. Across Florida, drivers are finally getting a break at the pump.

The statewide average fell 7 cents last week to $3.80 a gallon, the lowest level in four months, according to AAA, The Auto Club Group, as reported by Florida Politics. A week earlier the average was $3.87. A month ago it was $4.18, which means drivers are paying 38 cents less than they were then.

What is pushing prices down

Oil and gasoline futures have both dropped sharply in recent weeks. AAA points to signs of improving global supplies, softer demand and fewer worries about supply disruptions.

U.S. crude settled at $90.83 a barrel Friday. That is about $11, or 11%, below the $101.79 settlement on Oct. 20. Gasoline futures settled at $2.78 a gallon, roughly 33 cents under the $3.11 settlement on Oct. 19.

There is a catch. Retail prices don't move in step with futures. Regional supply, distribution costs and other factors affect how fast cheaper wholesale fuel shows up at your local station.

AAA spokesperson Mark Jenkins sounded hopeful, Florida Politics reported. "Florida drivers are finally seeing some meaningful relief at the pump, and there could be more on the way," he said. He added that if the market stays favorable, pump prices could keep moving lower, though it is unclear how low they could go.

Where it's cheapest, and where it isn't

Of the metro areas AAA listed, Panama City had the lowest average at $3.50. Pensacola followed at $3.52 and the Crestview-Fort Walton Beach area at $3.55.

The highest averages were in the West Palm Beach-Boca Raton area at $3.97, Gainesville at $3.92 and Fort Lauderdale at $3.86.

That works out to 47 cents between the cheapest and priciest metro areas on AAA's list. It is a number worth remembering if you're planning a road trip or a long commute, though individual stations will vary.

Florida versus the nation

The national average is $4.02 a gallon, so Florida drivers pay about 22 cents less. California ($5.75), Hawaii ($5.66) and Nevada ($5.08) push the national number up. North Carolina ($3.27), Georgia ($3.48) and Texas ($3.49) all come in lower than Florida's average.