Gas prices ease from last week’s all-time highs
Image via The Associated Press.

gas prices
There may be more declines to come, as global markets react to the Fed's interest rate move.

Gasoline prices nationally and in Florida eased back a few cents last week from the previous record highs, with Florida coming in Monday averaging $4.81 per gallon of gas, an 8-cent drop.

The price reduction comes as international markets saw a decline in gasoline futures prices, and market indications suggest the drop could continue significantly, according to AAA — The Auto Club Group. Those markets dipped after the Federal Reserve announced a rate hike and President Joe Biden signaled the potential for oil export restrictions.

Nationally, the average price of a gallon of gasoline dropped below $5, to $4.98, by Monday, AAA reported.

“Florida drivers are finally catching a break after several weeks of rising gas prices,” said AAA Spokesman Mark Jenkins.

“Gas prices are following oil and gasoline futures prices, which suffered significant losses last week. The losses are being tied to last week’s rate hike from the Federal Reserve bank, sparking fears of a possible recession — which could lower fuel demand. Prices also faced resistance on reports that the Biden administration is considering possible limits on petroleum exports, in (an) attempt to strengthen domestic supply.”

“Petroleum exports have accelerated in recent weeks, as countries compete for fuel in what has become an extremely tight fuel market,” Jenkins added. “The increased competition for fuel has contributed to rising prices.”

On Friday, a barrel of crude was averaging $109.56, about $11.11 less than the week before.

What’s more, the gasoline futures market posted a decline of 38 cents on the week. Combined with the week before, the futures market has declined 46 cents in two weeks.

“If this downward trend holds, gas price drops could accelerate, moving the state average back around $4.50 per gallon,” Jenkins continued. “But this fuel market remains extremely unstable, and things can change very quickly. It’s looking less likely that the state average will surpass $5 a gallon, but the driving season is young.”

In Florida, the best gas prices were found in Pensacola, where it averaged $4.65 per gallon Monday morning. That was followed by Panama City at $4.67, Crestview-Fort Walton Beach at $4.69; Tallahassee at $4.75; Melbourne-Titusville at $4.76; Orlando at $4.78; and Jacksonville at $4.80.

The most expensive Florida gas was found in the West Palm Beach-Boca Raton market at $4.96. That was followed by Gainesville and Fort Lauderdale at $4.88; Fort Myers at $4.87; Miami at $4.86; Sarasota at $4.84; and Tampa and St. Petersburg at $4.81.

Scott Powers

Scott Powers is an Orlando-based political journalist with 30+ years’ experience, mostly at newspapers such as the Orlando Sentinel and the Columbus Dispatch. He covers local, state and federal politics and space news across much of Central Florida. His career earned numerous journalism awards for stories ranging from the Space Shuttle Columbia disaster to presidential elections to misplaced nuclear waste. He and his wife Connie have three grown children. Besides them, he’s into mystery and suspense books and movies, rock, blues, basketball, baseball, writing unpublished novels, and being amused. Email him at [email protected]


4 comments

  • Impeach Biden

    June 20, 2022 at 8:31 am

    Brandon said he was going to put the fossil fuel industry out of business. This professional politician with no business sense whatsoever has ruined the American economy with his idiotic moves and the voters will punish him in November.

    Reply

  • tom palmer

    June 20, 2022 at 9:10 am

    Gas was $4.65 in Auburndale yesterday. As the article states the President has little influence on gas prices. That all happens on Wall Street and always has, often influenced by foreign events. You did know that Russia is part of OPEC, right?

    Reply

    • Impeach Biden

      June 20, 2022 at 10:06 am

      Yes and we were energy independent under the previous administration and I paid $2.07 per prior to Brandon declaring war on fossil fuels. Now I see his energy Secretary is spreading the word that Brandon is asking all oil producers to pull more oil. This is the moron that told us to buy electric cars. The stupidity continues.

      Reply

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