TAMPA, Fla., (March 21, 2022) — The price of crude oil fell sharply last week, prompting Florida gasoline prices to back off their record highs. Prices have been on the decline for the past 9 days after reaching an all time record of $4.38 cents a gallon on Friday March 11. As of Sunday March 20, the average price per gallon in Florida was $4.18, a drop of 20 cents.
Two weeks ago, fuel prices surged after Russia invaded Ukraine and the U.S. price of oil reached a 2022 high of $123.70 per barrel. That $32 price increase resulted in a 90 cent jump at the pump. Since then, the price of crude has seesawed lower, hitting a low of $95.04 per barrel on Wednesday, but then it climbed back up to $104.70 last Friday.
Crude prices had fallen early last week on demand concerns "following a COVID outbreak in China, which resulted in lockdowns," said AAA spokesman Mark Jenkins. But by the end of last week "fallout from the Russia-Ukraine conflict" moved back to the forefront and crude rose again on supply concerns, he said.
Friday's closing price of $104.70 is still $19 per barrel less than the 2022 high of $123.70. Nineteen dollars is the equivalent to a 45 cent swing at the pump. So far, gas prices have only dropped 20 cents per gallon, so another 25 cent discount is possible, unless oil prices move higher again this week.
"The oil market remains extremely volatile, after seeing big swings in both directions during the past few weeks," said Jenkins.
View the daily average price costs at Gasprices.AAA.com.
Fuel Price Overview
• Sunday's Florida Avg. - $4.18 per gallon
• Avg. Cost for a Fill-Up - $63 to fill an avg-sized 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 Florida Prices
• Most expensive metro markets – West Palm Beach-Boca Raton ($4.35), Fort Lauderdale ($4.28), Miami ($4.27)
• Least expensive metro markets – Punta Gorda ($4.08), Crestview-Fort Walton Beach ($4.08), Orlando ($4.10)
Ways to Save at the Pump
• Join the AAA Fuel Rewards program. Drivers can save 30 cents per gallon on their first fill-up and 5 cents per gallon each additional trip to the pump.
• Shop around using the AAA Mobile App to find the best gas price in your area – Android I iPhone.
• Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
• Participate in Fuel Rewards or cash back programs that offset the high price at the pump.
• Don't buy high-octane gasoline if you don't need it. Premium gas should only be used in vehicles that recommend or require it. Pumping premium gas into a vehicle that calls for regular is a waste of money and is of no benefit to the vehicle.
Making Your Gas Go the Extra Mile
• Keep your vehicle in tip top shape. Oil changes, air filters and tire inflation all impact fuel economy.
• Use AAA's Gas Cost Calculator to estimate how much you will spend on gasoline during your next road trip.
• Plan your route in advance to avoid unnecessary detours and turnarounds. Avoid peak traffic times.
• Combine errands. Fuel economy is better when your engine is warmed up.
• Drive sensibly. Aggressive acceleration and braking reduces gas mileage 15-30% at highway speeds and 10%-40% in stop-and-go traffic.
• Slow down. Fuel economy peaks at around 50 mph on most cars, then drops off as speeds increase. Reducing highway speeds by 5 to 10 mph can improve fuel economy by as much as 14%.
• Remove excess weight in your vehicle. An extra 100 pounds can reduce MPG by 1%.
• Reduce idling. An idling car engine consumes one quarter to one-half gallon of fuel per hour. A warm engine only takes around 10 seconds worth of fuel to restart. Where safe to do so, shut off your engine if you will be stopped for more than a minute.
• Use cruise control on the highway to maintain a constant speed. Do NOT use cruise control on wet roads.