The U.S. interest rate hike and potential export caps has contributed to an oil price dip

19 June 2022

Single Gas Price - 4.82.png

Florida gas prices are moving lower after oil and gasoline futures suffered big weekly drops.  The national average price for regular unleaded is once again back below $5 a gallon. For now, it looks like the state average won’t make it that high. 

Florida gas prices averaged $4.82 per gallon on Sunday. The state average declined 7 cents last week, after reaching an all-time high of $4.89 per gallon.

"Florida drivers are finally catching a break after several weeks of rising gas prices," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gas prices are following oil and gasoline futures prices, which suffered significant losses last week. The losses are being tied to last week’s rate hike from the Federal Reserve bank, sparking fears of a possible recession. Prices also faced resistance on reports that the Biden administration is considering possible limits on petroleum exports, which have increased in recent weeks due to rising international competition for fuel.

"If this downward trend holds, gas price drops could accelerate, moving the state average back around $4.50 per gallon," Jenkins continued. "But this fuel market remains extremely unstable, and things can change very quickly. It’s looking less likely that the state average will surpass $5 a gallon, but the driving season is young."

The U.S. price of oil dropped 9% last week. Friday’s settlement of $109.56 per barrel is $11.11/b less than the week before. Gasoline futures lost 38 cents on the week, for a combined 2-week loss of 46 cents. 

Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($4.97), Fort Lauderdale ($4.88), Gainesville ($4.88)
  • Least expensive metro markets – Crestview-Fort Walton Beach ($4.63), Pensacola ($4.65), Panama City ($4.69)

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 reduces fuel economy.

AAA Resources for Drivers

  • Enroll in savings programs. AAA Members who enroll in Shell’s Fuel Rewards program can save 30 cents per gallon on their first fill-up and 5 cents per gallon each additional trip to the pump. Click here for more information.
  • Get a tune-up. Ensure your vehicle is properly maintained to optimize its fuel economy. Visit AAA.com/AutoRepair to find a certified repair shop.
  • Find the lowest gas prices in your area by using the free AAA mobile app.
  • Determine anticipated fuel costs for your trip by using the AAA’s Gas Cost Calculator.

Find Florida Gas Prices

  • Daily gas price averages can be found at Gasprices.aaa.com 
  • State and metro averages can be found here

AAA GAS PRICE AVERAGES
(Price per gallon of regular unleaded gasoline)

Sunday Saturday Week Ago Month Ago One Year Ago
National $4.983 $4.989 $5.010 $4.589 $3.070
Florida $4.821 $4.833 $4.889 $4.504 $2.947
Georgia $4.475 $4.481 $4.480 $4.139 $2.898
Click here to view current gasoline price averages


Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

About AAA - The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.