Florida - Monday August 8, 2022: Florida gas prices fell for the eighth consecutive week, declining 14 cents from a week ago. The state average is now $3.79 per gallon. That's the lowest daily average price since March 4th.
The state average has now declined a total of $1.10 per gallon since setting a new record high of $4.89 on June 13th. The average cost for a fill-up is now $57 for a 15-gallon tank. That's $16.50 less than what drivers paid two months ago.
"Falling oil prices and drooping gasoline demand has paved the way for the recent pump price plunge," said Florida AAA spokesman Mark Jenkins. "The downturn should continue this week, after another round of big losses in both oil and gasoline futures markets."
Regional Florida Gas Prices
• Most expensive metro markets – West Palm Beach-Boca Raton ($4.00), Naples ($3.96), Miami ($3.89)
• Least expensive metro markets – Crestview-Fort Walton Beach ($3.56), The Villages ($3.64), Panama City ($3.65)
Find Florida Gas Prices
- Daily gas price averages can be found at Gasprices.aaa.com
- State and metro averages can be found here
CRUDE OIL
The U.S. price for crude oil dipped below $90 per barrel last week, dropping to its lowest settlement price in 6-months. Friday's closing price of $89.01/b is 10% less than the week before, and 27% less than mid-June, when pump prices reached new record highs.
The downturn in oil prices has largely been driven by market concerns that the global economy is heading for a recession. 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 same EIA report measured implied gasoline demand at nearly 13% below year ago levels - thus applying further downward pressure to prices at the pump.
"The fuel market seems to be locked in bearish territory," Jenkins continued. "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, 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."
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 reduces fuel economy.
AAA Resources for Drivers
• Enroll in savings programs. AAA Members who enroll in Shell's Fuel Rewards program can save 30 cents per gallon on their first fill-up and 5 cents per gallon each additional trip to the pump. Click here for more information.
• Get a tune-up. Ensure your vehicle is properly maintained to optimize its fuel economy. Visit AAA.com/AutoRepair to find a certified repair shop.
• Find the lowest gas prices in your area by using the free AAA mobile app.
• Determine anticipated fuel costs for your trip by using the AAA's Gas Cost Calculator.