Florida gas prices lowest in a month, a trend AAA says is likely to continue

Karl Etters, Tallahassee Democrat
·2 min read

Average gas prices across the Sunshine State are the lowest they’ve been in a month, according to the latest weekly gas prices briefing by the AAA-The Auto Club Group.

Down 10 cents in the last week, drivers paid an average of $4.05 a gallon on Tuesday. After record highs over the last few months, nearly $4.40 a gallon, the downward trend is predicted to continue because of a slump in crude oil prices, AAA spokesman Mark Jenkins said.

Gasoline is refined from crude oil, making its market price a major factor of cost passed on to motorists.

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"Oil futures are falling because of global demand concerns related to COVID-19 outbreaks in China,” Jenkins wrote in his briefing. “The potential of higher U.S. interest rates and a strengthening dollar have also put downward pressure on petroleum prices.

Average gas prices across the Sunshine State are the lowest they’ve been in a month.
Average gas prices across the Sunshine State are the lowest they’ve been in a month.

"In addition to all that, members of the (International Energy Agency) have joined the United States in an unprecedented release of petroleum reserves to offset the shortfall of Russian crude."

The U.S. was among several countries that stopped importing Russian oil after the superpower invaded Ukraine in February.

Last month, the U.S. committed to releasing 180 million barrels of domestic oil over the next six months. Additionally, allies in the International Energy Agency have said they will release another 60 million barrels to offset the reduction in Russian oil.

Prices for domestic oil settled at $94.29 per barrel on Monday, the lowest in two months.

Fuel prices at a glance

  • Sunday's Florida average: $4.07 per gallon.

  • Average cost for fill-up: $61 for a full, 15-gallon tank.

  • 2022 high: $4.38 per gallon.

  • 2021 high: $3.36 per gallon.

  • 2022 U.S. oil price high: $123.70 per barrel.

  • 2021 U.S. oil price high: $84.65 per barrel.

Regional prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($4.27), Fort Lauderdale ($4.18), Naples ($4.16).

  • Least expensive metro markets – Crestview-Fort Walton Beach ($3.84), Pensacola ($3.89), Panama City ($3.91).

  • Gas prices can be found at gasprices.aaa.com.

Contact Karl Etters at ketters@tallahassee.com or @KarlEtters on Twitter.

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This article originally appeared on Tallahassee Democrat: Florida gas prices: Down 10 cents this week, trend likely to continue