The average price of gasoline fell another 14 cents per gallon in the past week, meaning the cost of gas now has declined $1.10 per gallon since the record high in June.
AAA — The Auto Club Group said the average price in Florida has dropped to $3.79 per gallon, the lowest average seen since early March. This week’s fall followed 17-cent drops each of the past two weeks.
“Falling oil prices and dropping gasoline demand has paved the way for the recent pump price plunge,” Mark Jenkins, spokesman for AAA, said in a news release. “The downturn should continue this week, after another round of big losses in both oil and gasoline futures markets.”
The U.S. price for crude oil fell to its lowest settlement price in six months last week, dipping below $90 per barrel. Friday’s closing price was 10% lower than the week before and 27% lower than in mid-June.
The downturn in oil prices has largely been driven by market concerns the global economy is heading for a recession, AAA cautioned.
The price drop accelerated last week after weekly EIA supply and demand numbers showed a large gain in domestic crude oil and gasoline supplies.
“The fuel market seems to be locked in bearish territory,” Jenkins said. “Florida drivers in some markets are beginning to find gas prices in the $3.60s, if not lower. The state average could very easily drop to that price point in the next week or two.”
“However,” Jenkins added, “it’s worth remembering that the fuel market has proven to be extremely volatile this year, and trends can change rather quickly if something reignites concerns about fuel supplies.”
AAA found Florida’s cheapest gas in the Crestview-Fort Walton Beach market, where it averaged $3.56 per gallon. The next-best prices were found in The Villages at $3.64; Panama City at $3.65; Pensacola and the Melbourne-Titusville market at $3.67; St. Petersburg at $3.71; Jacksonville at $3.72; Orlando at $3.73; and Tampa at $3.74.
The highest prices were again found in the West Palm Beach-Boca Raton market, $4.00 per gallon. That was followed by Naples at $3.96; Miami at $3.89; Fort Lauderdale and Gainesville at $3.86; Fort Myers at $3.81; and Tallahassee at $3.79.
August 8, 2022 at 9:21 am
Go Biden!!! Next defeat fascism and Antifa government terrorists in Florida. Use the military!!!
August 8, 2022 at 10:10 am
Democrats drive gas up to over $5 a gallon, and then expect you to praise them when it drops to the still incredibly high $4. Just pathetic.
August 8, 2022 at 10:27 am
Prices were up all over the world dude. Democrats didn’t invent inflation. You are a victim of right wing propaganda… quite possibly you were dropped as an infant…and then after you were dropped came the anvil drop on your scunion.
August 8, 2022 at 10:36 am
Yes Gary it’s a really shameful that Democrats manipulate oil prices in the US Gobberment owned and operated fossil fuel company! LOL
August 8, 2022 at 1:59 pm
It’s still much higher than 20 Jan 21. How’s that forty year inflation and your 401k doing? Biden is a complete moron and only idiots like the Joe / Elliott show think he is doing a good job.
Just a comment
August 9, 2022 at 7:40 am
If you want cheap gas dig it yourself
Just a comment
August 9, 2022 at 7:43 am
Always a complaint because life is just sit in a car and everything else is miraculous done .
Just a comment
August 9, 2022 at 7:53 am
People may be in liking home grown gas but the way it is going in activism and dictation no one may want to try there lives for the spoiled nomwits
August 10, 2022 at 9:26 am
Where I live the drop is even more dramatic. It went from a high of $4.89 to current price of $3.58 and dropping every day. Although Biden had nothing to do with this, if the GOP was going to blame him for rising prices, they ought to praise him for dropping prices or just admit they are political hacks that don’t let the facts get in the way of a partisan narrative.
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