Scott Powers
The cost of a gallon of gasoline fell another 17 cents last week, reaching an average of $3.93 statewide, the first time Florida saw prices below $4 since early March.
It’s the second week in a row that prices tumbled 17 cents per gallon.
AAA — The Auto Club Group said the Sunshine State’s average price now has dropped a total of 96 cents per gallon since setting the record high in mid-June. Prices have fallen seven weeks in a row.
The average full tank of gas now costs about $14 less than it did when pump prices were at their peak, $4.89 per gallon, AAA reported. At that time, drivers paid $73 to fill an average 15-gallon tank of gas. Now, that same 15-gallon tank costs around $59.
“After paying almost $5 a gallon just a couple months ago, Florida drivers are likely breathing a sigh of relief when seeing gas prices back below $4 a gallon,” said Mark Jenkins, spokesman for AAA.
“However, it’s too early to tell just how long these sub-$4 gas prices will hang around. Oil and gasoline futures prices made notable gains last week. This could cause falling gas prices to level out or potentially increase, but it’s too early to tell.”
Thus, a leveling-off or upward correction may be in the near future.
The price for U.S. crude settled at $98.62 per barrel on Friday. That’s 4% more than the week before.
Gasoline futures jumped nearly 30 cents per gallon. The price hikes came after OPEC and its allies — who have steadily raised fuel production rates on a monthly basis — decided to hold production at current levels in September, AAA reported.
While that adds to existing concerns about global fuel supplies, the market remains concerned about a global recession and the potential of it driving down global fuel demand, AAA noted.
AAA found the best deals in the Crestview-Fort Walton Beach market, where gas averaged $3.70 per gallon; the Melbourne-Titusville market and Panama City at $3.74; The Villages at $3.75; Pensacola at $3.82; Jacksonville at $3.86; Orlando at $3.87; and Tampa at $3.89.
After a week’s relief for the market, the state’s highest prices returned to the West Palm Beach-Boca Raton market at $4.18, followed by Naples at $4.13; Fort Lauderdale and Gainesville at $4.04; Miami at $4.03; Sarasota at $3.95; Fort Myers at $3.93; and St. Petersburg at $3.91.
6 comments
Impeach Biden
August 1, 2022 at 8:34 am
Still nowhere near where it was in Jan 2021. Remember Jimmy Carter2 has declared war on the fossil fuel industry. The American consumer will suffer for this until he is out of office or we take back the house and senate.
Joe Corsin
August 1, 2022 at 9:42 am
Coronavirus brought demand down therefore gas was super cheap. When it picked back up .. greedy companies tried to make all the “lost profit” up on the backs of consumers. Has everything to do with government inability to do anything to these companies… thanks to none other than ” zero regulation, zero governance, zero care for anyone but the rich” REPUBLICANS!!!!! You gonna burn in hell for your lies buddy. Ignorance is no excuse…you gonna burn in hell.
Impeach Biden
August 1, 2022 at 9:53 am
More garbage from the garbage man himself, Joe Corsin.
Joe Corsin
August 1, 2022 at 10:19 am
You don’t know your bung hole from your lips 🍩💋
Ocean Joe
August 1, 2022 at 10:22 am
The laws of supply and demand end before they reach IB’s gray matter.
And when you take back the House I’m sure a thorough investigation of Hunter Biden will tame inflation. Can’t wait.
JD
August 1, 2022 at 1:22 pm
So, let’s examine the most popular argument on how Biden caused gas prices to rise in the USA – the shutting down of the keystone pipeline (I’m sure there are more).
1.) How many barrels did it provide when in operation? How many were lost during its multiple spills? How did that affect prices?
2.) What refineries were being feed by it? Were they in the USA? Did it even end up as gas in the USA? Aren’t most of the refineries in the USA supposed to be configured for dirtier crude and our crude is “pristine”?
3.) Was it even finished to it’s final destination?
4.) Did it cause the price of oil per barrel to drop? and if so, how was it related to gas prices? Considering it’s not the same stuff – you cannot hook your car up to the oil well.
As far as I know he’s allowed many of the existing oil leases to come through, asked OPEC to increase production, running our own refineries at peak, and releasing strategic oil into the global supply for refinering.
So if we’re casting shade, where’s the evidence other than conjecture and bias?
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