AAA: Oil Prices Tumble; Gas Prices Down 10 Cents
Florida-April 12, 2022: Florida gas prices have dropped to their lowest point in more than a month. Monday's state average price for a gallon of gasoline was $4.07 per gallon and falling. The state average is 10 cents less than a week ago, and 31 cents less than the record high established this time last month.
"Gas prices are following the downward trend set by falling crude oil prices," said AAA spokesman Mark Jenkins. "Oil futures are falling because of global demand concerns related to COVID-19 outbreaks in China. The potential of higher U.S. interest rates and a strengthening dollar have also put downward pressure on petroleum prices. In addition to all that, members of the IEA have joined the United States' in an unprecedented release of petroleum reserves to offset the shortfall of Russian crude."
Last month, the United States pledged to release 180 million barrels of oil over the next six months. The United States' allies in the International Energy Agency have since committed another 60 million barrels. The 240 million barrel release is reportedly the largest of all time. This amounts to 1.3 million barrels per day. The gap left by Russian oil is reportedly around 3 million barrels per day.
On Monday, the U.S. price for oil settled at $94.29 per barrel. That's the lowest price since February, before Russia invaded Ukraine. Unless oil prices rebound, this downward trend should enable gas prices to continue moving lower this week.
Fuel Price Overview
• Sunday's Florida Avg. - $4.07 per gallon
• Lowest in more than a month
• Avg. Cost for a 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 State 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)
• Daily gas price averages can be found at https://gasprices.aaa.com/.