Gas Prices Drop from Record Highs

The average price in Florida dropped 17 cents from last week.

Derek Scott

The average price in Florida dropped 17 cents from last week.

Ava Mahoney, Staff Writer

  The price of oil has suffered steep losses in Florida lately, enabling the price of gasoline to back away from record highs.

   The state average price of gasoline is on a nine-day streak of declines, dropping a total of 20 cents per gallon.

   On Sunday, drivers in Florida paid an average of $4.18 per gallon, down from the $4.35 a gallon at the start of last week and below the national average of $4.23 a gallon.

   “The oil market remains extremely volatile, after seeing big swings in both directions during the past few weeks,” said Mark Jenkins, a spokesman for AAA and 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.

   The most expensive gas in the state is a title currently held by the Went Palm Beach-Boca Raton had the most expensive gas in the state with an average of $4.35 a gallon followed by Fort Lauderdale at $4.28 a gallon and Miami close behind at $4.27 a gallon.