Florida fuel prices hit eight-week low

by | Jul 11, 2022

 

  • The statewide average cost for a gallon of gas is $4.41
  • Prices could continue to fall due to a lower-than-expected national economic growth rate
  • A gas tax holiday in October is expected to drive down costs even further throughout the fall season
  • Florida’s most expensive fuel markets continue to be in South Florida

 

Florida gas prices dropped 15 cents last week, sustaining an eight-week-long fall in prices after reaching an all-time high in May. Florida motorists on average will pay $4.41 for a gallon of gas this week, nearly thirty cents cheaper than the national average.

The price drop can be attributed to a decline in the price of oil in America, falling nine percent last week to $98.53. AAA auto club posits that a lower-than-expected economic growth rate could cause crude demand to decline even further, leading prices to follow in accordance.

“Floridians are getting some welcome relief from record high prices at the pump,” said Mark Jenkins, spokesman for AAA auto club. “The price declines are attributed to falling oil and gasoline futures prices, which suffered steep drops in recent weeks, due to concerns about a potential global economic recession, and how that could result in lower worldwide demand for fuel.

Floridians can expect to save even more on gas through 2022, as Gov. Ron DeSantis signed into effect a one-month fuel tax holiday between October 1 and October 31. State projections estimate that the tax holiday will collectively save residents $200 million by lowering the price of gas by roughly 25.3 cents per gallon.

“In Florida, we are going to support our residents and help them afford the goods that they need. Florida has been fiscally responsible, so we are in a good position to provide meaningful relief for families, right now,” said the governor.

Despite the price drop, drivers are still paying over a dollar higher per gallon than they were a year ago when the average price statewide hovered around the three-dollar mark. A drastic surge in prices since then in led to fuel costs surpassing the state’s all-time highest costs. Prior to this year, the high was $4.08 per gallon, adjusting for inflation, and set in 2008.

Drivers looking to travel around the state will find the most expensive gas prices in metro markets across South Florida. Monroe County ($4.68), West Palm Beach ($4.63), and Miami ($4.51) posted some of the highest gas prices in the state. The lowest prices were reported in Crestview-Fort Walton ($4.24), Panama City ($4.27), and Pensacola ($4.36).

1 Comment

  1. dolphincritic

    Oil is $101.38 a barrel. It should be about $55.00 a barrel. That is $46.38 too high. That is 46% overpriced because Joe has a war on fossil fuels. Fetilizer and the other chemicals that are delivered to the farmer’s field have skyrocketed! Your bread will cost way more this winter. Joe will blame Putin for the Ukrainian wheat debacle but it is progressive nonsensical planned inflation that give their oligarch supporters about *.%% more of your money than it did 2 years ago!

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