Gas prices are not tumbling yet, but they’re falling, and they may continue to fall as oil producers increase production, supplies increase and fears of recession slow demand.
Gas prices have been falling at more than 10 cents a week for the past three weeks, dropping to a Florida-wide average of $4.54 per gallon on Tuesday.
In Palm Coast, gas was selling at $4.53 to $4.69 a gallon along guzzlers’ alley on State road 100 Thursday–$4.53 at Wawa and Shell, $4.59 at Mobil, $4.69 at RaceTrac, but $4.53 at the RaceTrac on Palm Coast Parkway and several other stations in Palm Coast. The lowest price in the region was at Buc-cees off I-95 and LPGA Boulevard, where it was selling for $4.29 a gallon, and $4.21 a gallon across the street at Sam’s Club.
After dipping below $100 a barrel this week–the lowest price since May–oil prices were back up above that threshold, trading at around $103 to $105 today. It had peaked at nearly $124 on March 8.
“Gas prices are being dragged lower by falling crude oil prices, which suffered steep losses Tuesday, on worries of a global economic slowdown,” said AAA spokesman Mark Jenkins. “If these futures price drops hold, drivers could see Florida gas prices drift back below $4.10 per gallon. However, this is still an extremely volatile fuel market, and we’ve seen oil prices rebound so many times in the past several months.”
Over the holiday weekend, drivers found the most expensive Independence Day gas prices on record. The average price on July 4th was $4.55 per gallon. That’s $1.54 per gallon more than last year’s holiday, and 49 cents per gallon more than the previous record-high of $4.06 per gallon, set back on July 4, 2008. But those are unadjusted numbers. In inflation-adjusted cost, that gas price in July 2008 would have been $5.51 today, so this year’s record is not, in fact, a record except in nominal figures.
- Most expensive metro markets – West Palm Beach-Boca Raton ($4.72), Naples ($4.64), Miami ($4.63)
- Least expensive metro markets – Crestview-Fort Walton Beach ($4.38), Panama City ($4.43), Melbourne-Titusville ($4.44)
|Gas Price Overview||Oil Price Overview|
|Tuesday’s Avg. Price – $4.54 per gallon|
Cost for a Full Tank – $68 (15 gallons)
2022 High – $4.89 per gallon (6/13/22)
2021 High – $3.36 per gallon (Nov. 2021)
Record High – $4.89 per gallon
|Friday’s U.S. Oil Price – $99.50 per barrel|
Previous Week’s Closing Price – $108.43 per barrel
2022 High – $123.70 (Mar. 8, 2022)
2021 High – $84.65 per barrel (Oct. 2021)
Record High – $145.29 per barrel (July 2008)