The U.S. price for oil plummets below $100 a barrel; down 16% from Friday

05 July 2022

Single Gas Price - 4.54.png

 

Florida gas prices declined through the Independence Day holiday weekend, even as a record number of Americans were forecast to take a road trip. (This year’s actual holiday traveler totals will not be released until the 2023 holiday forecast.)

The average price for gasoline in Florida was $4.54 per gallon on Tuesday. The state average has declined nearly 10 cents since last week and has dropped a total of 35 cents through the past three weeks.

"Gas prices are being dragged lower by falling crude oil prices, which suffered steep losses on Tuesday, amid concerns that the U.S. economy could be headed for a recession," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "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."

On Tuesday, the price for U.S. crude oil plummeted, falling below $100 a barrel for the fist time in eight weeks. Tuesday’s closing price of $99.50 per barrel is nearly $9 (16%) less than the week before, and the lowest daily settlement since April 25, 2022. 

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. 

Regional Prices

  • 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)

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)

Tuesday Monday Week Ago Month Ago One Year Ago
National $4.800 $4.807 $4.881 $4.848 $3.134
Florida $4.546 $4.551 $4.642 $4.758 $3.011
Georgia $4.300 $4.311 $4.389 $4.279 $2.915
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.