Florida drivers saw more relief at the pumps in the past week as gasoline prices continued to drop from the record high seen two weeks ago in Florida, settling at an average of $4.67 Monday.
The decline reflects the recent drop in crude oil and gasoline futures prices, which are largely driven by concerns about the economy, following the U.S. Federal Reserve’s interest rate hike. The U.S. price of oil declined a total of 11% during the past two weeks.
“Gas prices are moving in a favorable direction, as millions of Americans prepare to embark on an Independence Day road trip,” said Mark Jenkins, spokesman for AAA — The Auto Club Group. “Despite the recent declines, gas prices are still likely to be the highest for this holiday in history.”
The holiday weekend is coming up next.
AAA forecasts that auto travel will set new records this Independence Day, with 151,000 more road trippers than last year. More than 42 million Americans are forecast to drive 50 miles or more during the holiday weekend. More than 2.3 million of those will be Floridians, according to the AAA forecast.
Holiday travelers paid $3.01 per gallon on July 4, 2021; and $2.68 per gallon on July 4, 2019, the last pre-coronavirus crisis Independence Day weekend.
The national average on Monday morning was $4.90 per gallon, according to AAA.
The organization found Florida’s least expensive gas Monday in the Crestview-Fort Walton Beach market, where it averaged $4.50 per gallon. Next were Pensacola at $4.55; the Titusville-Melbourne market at $4.56; Panama City at $4.57; Orlando at $4.59; Tampa at $4.62; and St. Petersburg and Jacksonville at $4.65.
Florida’s most expensive gasoline was being sold in the West Palm Beach-Boca Raton market, where it averaged $4.86 on Monday. After that were Gainesville and Naples at $4.77; Miami and Fort Myers at $4.75; Fort Myers at $4.70; Sarasota at $4.67; and Tallahassee at $4.66.