Florida - Monday June 20, 2022: Florida gas prices dipped slightly over the past week after oil and gasoline futures fell sharply on fears that a recession is near, and that will weaken fuel demand.
Florida gas prices averaged $4.82 per gallon on Sunday, June 19. The state average dropped 7-cents after reaching an all-time high of $4.89 per gallon. The national average price for regular unleaded has fallen as well, dropping back below $5 a gallon. For now, it looks like the Florida state average won't make it that high.
"Florida drivers are finally catching a break after several weeks of rising gas prices," said AAA Florida spokesman Mark Jenkins. "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 are also easing on reports that the Biden administration is considering possible limits on petroleum exports, in 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," said Jenkins. "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 Cost of Crude
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 Florida 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)
Find Florida Gas Prices
- Daily gas price averages can be found at Gasprices.aaa.com
- State and metro averages can be found here
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.
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.