Falling oil prices enable pump prices to back off record highs 

20 March 2022

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The price of oil suffered steep losses last week, enabling the price of gasoline to back off from record highs.

The state average price for gasoline is on a 9-day streak of declines, dropping a total of 20 cents per gallon. On Sunday, drivers paid an average price of $4.18 per gallon. To view today’s daily average price, visit Gasprices.AAA.com

"The oil market remains extremely volatile, after seeing big swings in both directions during the past few weeks," said Mark Jenkins, spokesman, AAA - 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. That is unless oil prices move higher again this week. As of this writing, the U.S. price of oil was trading $3/b higher than Friday’s settlement. If that increase holds, it would erase 5-10 cents from the potential 25 cent price drop.

Fuel Price Overview

  • Sunday’s Florida Avg. - $4.18 per gallon
  • Avg. Cost for a Fill-Up - $63 to fill an avg-sized 15-gallon tank
  • 2022 High - $4.38 per gallon
  • 2021 High - $3.36 per gallon
  • 2022 U.S. Oil Price High - $123.70 per barrel
  • 2021 U.S. Oil Price High - $84.65 per barrel

Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($4.35), Fort Lauderdale ($4.28), Miami ($4.27)
  • Least expensive metro markets – Punta Gorda ($4.08), Crestview-Fort Walton Beach ($4.08), Orlando ($4.10)

Ways to Save at the Pump

  • Join the AAA Fuel Rewards program. Drivers can save 30 cents per gallon on their first fill-up and 5 cents per gallon each additional trip to the pump.
  • Shop around using the AAA Mobile App to find the best gas price in your area – Android I iPhone
  • Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
  • Participate in Fuel Rewards or cash back programs that offset the high price at the pump. 
  • Don’t buy high-octane gasoline if you don’t need it. Premium gas should only be used in vehicles that recommend or require it. Pumping premium gas into a vehicle that calls for regular is a waste of money and is of no benefit to the vehicle.

Making Your Gas Go the Extra Mile

  • Keep your vehicle in tip top shape. Oil changes, air filters and tire inflation all impact fuel economy. 
  • Use AAA’s Gas Cost Calculator to estimate how much you will spend on gasoline during your next road trip. 
  • Plan your route in advance to avoid unnecessary detours and turnarounds. Avoid peak traffic times. 
  • Combine errands. Fuel economy is better when your engine is warmed up. 
  • Drive sensibly. Aggressive acceleration and braking reduces gas mileage 15-30% at highway speeds and 10%-40% in stop-and-go traffic. 
  • Slow down. Fuel economy peaks at around 50 mph on most cars, then drops off as speeds increase. Reducing highway speeds by 5 to 10 mph can improve fuel economy by as much as 14%.
  • Remove excess weight in your vehicle. An extra 100 pounds can reduce MPG by 1%. 
  • Reduce idling. An idling car engine consumes one quarter to one-half gallon of fuel per hour. A warm engine only takes around 10 seconds worth of fuel to restart. Where safe to do so, shut off your engine if you will be stopped for more than a minute.
  • Use cruise control on the highway to maintain a constant speed. Do NOT use cruise control on wet roads. 

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 Record High
National $4.255 $4.262 $4.325 $3.531 $2.884 $4.11   (7/17/2008)
Florida $4.181 $4.197 $4.347 $3.499 $2.906 $4.08   (7/17/2008)
Georgia $4.143 $4.188 $4.290 $3.374 $2.742 $4.16   (9/15/2008)
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.