The price of oil suffered steep losses last week, enabling the price of gasoline to back off from record highs. But the declines may be temporary: a barrel of oil was again trading above $110 today, after falling below $100 last week. Motorists may have to brace themselves for a rollercoaster ride ahead.
The state average price for gasoline is on a 9-day streak of declines, dropping a total of 20 cents per gallon. On Sunday, drivers paid an average price of $4.18 per gallon. To view today’s daily average price, visit Gasprices.AAA.com.
“The oil market remains extremely volatile, after seeing big swings in both directions during the past few weeks,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Last weekend, oil prices dropped on demand concerns regarding a COVID outbreak in China, which resulted in lockdowns. By the end of the week, oil prices charged higher again as global crude supply concerns – regarding the fallout from the Russia-Ukraine conflict – moved back to the forefront. Fortunately, oil prices are well below the high we saw more than a week ago. This should enable gas prices to slip lower this week, unless oil suddenly spikes again.”
Two weeks ago, fuel prices surged after Russia invaded Ukraine. 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 oil has pinballed lower, hitting a low of $95.04/b on Wednesday before bouncing back up to $104.70/b on Friday.
Friday’s closing price of $104.70/b is still $19/b less than the 2022 high of $123.70/b. Nineteen dollars is the equivalent to a 45 cent swing at the pump. So far, gas prices have dropped 20 cents per gallon, so another 25 cent discount is possible. That is unless oil prices move higher again this week. As of this writing, the U.S. price of oil was trading $3/b higher than Friday’s settlement. If that increase holds, it would erase 5-10 cents from the potential 25 cent price drop.
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
- 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)
- Buc-ee’s in Daytona Beach was selling regular unleaded for $3.72 per gallon Sunday evening.
In the past couple weeks, GOPers have:
–Called for energy sanctions, then blamed Biden for rising gas prices
–Voted against aid for Ukraine, then said Biden wasn’t doing enough to help that country
–Defended Putin & attacked Zelensky, then said Biden’s weakness caused this war
Timothy Patrick Welch says
It’s one thing to encourage adoption of electric vehicles, it’s another to also limit domestic production & transportation. These maybe the GOPers issue. This would be a great time to supply “The World” and stabilize energy prices. But nope we are lame ducks having to increasingly rely on Communists, Dictators, and Socialist to meet current energy demand.
Concerning Russia, wouldn’t you feel ill when filling your gas tank… you would indeed in some small way, be enabling the suffering in Ukraine. Yes on-balance its prudent to avoid Russian imports, including petroleum.
Gas prices were going up way before the war in Ukraine. When President Biden took office, the national average price of regular gas was $2.38 per gallon. Today, it’s $4.25 a 79% increase. We were energy independent. Biden’s disastrous energy policies began his first day with the killing of the Keystone XL pipeline. Joe Biden even reversed President Trump’s policy of opposing the Nord Stream Pipeline. Now, Joe Biden wants to replace the oil we buy from one murderous dictator with oil from another murderous dictator. Saudi Arabia hasn’t answered any of his calls and Biden begs OPEC to produce more oil.
Do any of these policies suggest that Biden and his liberal friends in the green-energy movement want to keep oil and gas prices low? If Biden wants to “Buy American,” why won’t he buy American energy?
joe did you look at the appropriations package? The left was trying to smuggle through more wasteful spending, Blackburn wrote. Democrats held it hostage so it could ram through thousands of earmarks, green new deal programs, the hiring of 10,000 IRS agents and other woke priorities buried in thousands of pages. This is a ridiculous process, Rubio tweeted. It spends more money on swamp earmarks than it does on humanitarian aid to Ukraine. A typical Democrat strategy always adding pork in their bills.
GOP backlash over Cawthorn grows after Zelensky insult. The North Carolina Republican Madison Cawthorn infuriated members of his own party this week for calling Ukrainian President Volodymyr Zelensky a thug and the Ukrainian government “incredibly evil” — comments that surfaced just days before Zelensky made a passionate plea to Congress on Wednesday for more help in defending Ukraine against Russia’s bloody assault on the country. One person joe.
In only one year, President Biden has managed to cause massive inflation, engineer a humiliating withdrawal from Afghanistan, allow illegal immigrants to flood our border and cause crime to surge in our cities. The media are doing their best to protect President Biden from his incompetence, some even blaming President Trump. But it was President Biden whose weakness and policies ending energy independence caused Putin to strike. It’s on him. As President Obama famously said, “Never underestimate Joe’s ability to F things up,”
ABSOLUTELY! LOL! trump is the one true Messiah! trump is perfect in every way! trump is a saint!
The mentally ill person threatening to blow up the Flagler Beach pier= Biden’s fault!
The sun is too hot= Biden’s fault!
My beer made me burp= Biden’s fault!
I stubbed my toe= Biden’s fault!
A black woman on the Supreme Court= Biden’s fault!
Lynching is now a federal crime= Biden’s fault!
I got a Covid relief check. . . which I (LBR) returned= Biden’s fault!
We will get new roads and bridges. . . which I (LBR) will not drive on= Biden’s fault
Unemployment is very low and wages are up. . . I (LBR) do not believe it= Biden’s fault
NATO is stronger than ever. . . I (LBR) only believe what FOX says, and I don’t believe it= Biden’s fault
Thanks for the laugh LBR! LOL! LOL! LOL!