Florida drivers catch a break, gas prices move lower

MIAMI – After oil and gasoline futures suffered big weekly drops, Florida gas prices have moved lower.

Florida gas prices averaged $4.82 per gallon on Sunday. The state average declined 7 cents last week, after reaching an all-time high of $4.89 per gallon.

“Florida drivers are finally catching a break after several weeks of rising gas prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “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. The increased competition for fuel has contributed to rising prices.

“If this downward trend holds, gas price drops could accelerate, moving the state average back around $4.50 per gallon,” Jenkins said. “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.”

The U.S. price of oil dropped 9% last week. Friday’s settlement of $109.56 per barrel is $11.11/b less than the week before. Gasoline futures lost 38 cents on the week, for a combined 2-week loss of 46 cents.

Regional Prices

Most expensive metro markets – West Palm Beach-Boca Raton ($4.97), Fort Lauderdale ($4.88), Gainesville ($4.88)
Least expensive metro markets – Crestview-Fort Walton Beach ($4.63), Pensacola ($4.65), Panama City ($4.69)

Ways to Save on Gasoline

• Combine errands to limit driving time.
• Shop around for the best gas prices in your community.
• Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
• Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
• Drive conservatively. Aggressive acceleration and speeding reduce fuel economy.