Gas prices slide 10 cents in a week

Image via Drew Dixon.

The average price of a gallon of gasoline across Florida fell 10 cents in a week, reaching the lowest point in a month, AAA — The Auto Club Group reported Tuesday morning.

Tuesday morning, Floridians were paying an average of $4.06 per gallon, and the price appeared to be headed downward, AAA reported. Already, prices are 31 cents lower than the record high established a month ago.

“Gas prices are following the downward trend set by falling crude oil prices,” said Mark Jenkins, spokesman for AAA, in a news release Tuesday.

Last month, President Joe Biden pledged to release 180 million barrels of oil over the next six months. Allies in the International Energy Agency committed another 60 million barrels, creating the largest release of all time, about 1.3 million barrels a day.

“Oil futures are falling because of global demand concerns related to COVID-19 outbreaks in China,” he continued. “The potential of higher U.S. interest rates and a strengthening dollar have also put downward pressure on petroleum prices. In addition to all that, members of the IEA have joined the United States in an unprecedented release of petroleum reserves to offset the shortfall of Russian crude.”

The gap left by refusals of Russian oil is reportedly around 3 million barrels per day.

The U.S. price for a barrel of oil hit $94.29, the lowest price since before Russia invaded Ukraine on Feb. 24, AAA reported.

Unless oil prices rebound, this downward trend should enable gas prices to continue moving lower this week, AAA stated in the news release.

Florida gas cost $4.36 about a month ago. On the other hand, this time last year, a gallon of gas averaged $2.84 in Florida, AAA reported.

Around Florida Tuesday, the best gas prices were found in the Crestview-Fort Walton Beach market, where drivers paid an average of $3.84 per gallon. That was followed by Pensacola and Melbourne at $3.89; Panama City at $3.91; Tallahassee at $3.94; Charlotte at $3.98; Daytona Beach at $4.00; Orlando at $4.01; Tampa and Jacksonville at $4.02, and Fort Myers at $4.03.

The worst prices were found in West Palm Beach, where gas was averaging $4.28. That was followed by Fort Lauderdale at $4.16; Naples at $4.15; Miami at $4.14; Sarasota at $4.11; Gainesville at $4.10; and St. Petersburg at $4.06.