Florida gas prices were at their highest for a Memorial Day weekend as an estimated 2 million Floridians were projected to take a Memorial Day road trip. The state average price of $4.57 per gallon was $1.71 per gallon more than last year’s holiday and well above the previous Memorial Day high of $3.93 per gallon set in 2008.
Prices had eased off somewhat in Palm Coast and Flagler County on Tuesday, falling a few cents from highs of $4.56, $4.59 and $4.69 a gallon at various gas stations. Around midday Tuesday, regular unleaded was selling for between $4.51 and $4.54 at RaceTrac, Wawa, Circle K and 7-Eleven stations around Palm Coast. The lowest gas price in the region was at Sam’s Club on LPGA Boulevard in Daytona Beach, where it was selling for $4.22, and at Buc-ee’s , where it was selling for $4.29 a gallon.
On Tuesday, the national average set another record, at $4.622 a gallon, as the European Union concluded a two-day summit with an agreement to impose an oil embargo on Russia, the world’s third-largest oil producer. The European Union agreed to ban up to 90 percent of Russian oil imports by year’s end. The only exemption applies to a pipeline that supplies three central European nations. In 2021, almost a quarter of European Union oil imports came from Russia.
The new sanctions were not expected to further increase oil prices: they already had, sharply: oil prices rose to a two-month high of $121 a barrel on Monday, and to $123.4 a barrel today, nearly matching the year’s high and pointing to higher gas prices ahead. On Friday, the U.S. price of oil had closed at $115 per barrel. This year’s high of $123.70 was last set in March.
Florida gas prices are now 60 percent more expensive than what drivers paid this time last year. The average Floridian is now paying about $68 to fill an average 15-gallon tank. That’s $25 more for a fill up than a year ago. Yet for all the complaints about gas prices, they’re not cutting into consumer and disposable spending, which keep breaking records, though there are warning signs: consumer confidence declined slightly in May.
“Gas prices appeared to level out over the weekend, but there’s renewed upward pressure on pump prices after an active week on the oil market both last week and overnight,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Tightness in the global fuel market has kept a high floor on fuel prices. The price of oil traded higher overnight after the European Union announced a partial ban on Russian oil imports. The region, which is historically reliant on Russian oil and gas, will now have to find alternative suppliers, in what is already an extremely tight fuel market. The longer oil prices remain elevated, the longer American drivers will endure this unprecedented pain at the pump.”
- Most expensive metro markets – West Palm Beach-Boca Raton ($4.71), Naples ($4.61), Fort Lauderdale ($4.60)
- Least expensive metro markets – Crestview-Fort Walton Beach ($4.36), Pensacola ($4.38), Panama City ($4.40)
Find Florida Gas Prices
- Daily gas price averages can be found at Gasprices.aaa.com
- State and metro averages can be found here
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