MIAMI - Floridians finally feel a little financial relief at the pump.
After reaching a state record-high mid-June, the average price for a gallon of regular has dropped 48 cents to $4.41 statewide.
And AAA data reveals a 14-cent price fall over the last week.
"Gas price declines are tied to the movements in the price of oil," said AAA spokesman Mark Jenkins.
He mentions the recent dip in the barrel of oil prices, which has translated to savings at the pump.
"Every shift in a dollar of oil equates to 2.5 cents at the pump," added Jenkins.
The average price for gas in Miami is $4.52. Currently, the third-highest average in the state, according to AAA. And to think, this time last year, it was $3.01.
So, will we see a $3 on the gas prices board soon?
"If things keep trending in this direction, Floridians could see gas prices that start with a three before the end of summer," said Jenkins.
And that's if this market trend continues without interference.
"As we move into the peak hurricane season, if there's a hurricane that moves into Gulf Coast, affecting refineries in Texas, Louisiana, and Mississippi, then we're talking about supply concerns that could ultimately drive up the price for oil and gasoline," said Jenkins.
He adds South Florida typically has the most expensive gas statewide. So, we'd be the last to see the savings at the pump.
Jenkins mentions as we transition from summer to fall, people do not travel as much. So, the gasoline demand will not be as high, which could lead to another decrease at the pump.
- Most expensive metro markets:
- West Palm Beach-Boca Raton ($4.63)
- Naples ($4.59)
- Fort Lauderdale ($4.52)
- Least expensive metro markets:
- Crestview-Fort Walton Beach ($4.25)
- Panama City ($4.30)
- Melbourne-Titusville ($4.30)
Florida Gas Price Overview
- Monday's Avg. Price - $4.41 per gallon
- Cost for a Full Tank - About $66 (15 gallons)
- 2022 High - $4.89 per gallon (6/13/22)
- 2021 High - $3.36 per gallon (Nov. 2021)
- All-Time Record High - $4.89 per gallon (6/13/22)
Ways to Save on Gasoline
- Combine errands to limit driving time.
- Shop around for the best gas prices in your community.
- Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
- Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
- Drive conservatively. Aggressive acceleration and speeding reduce fuel economy.
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