AAA: Gas Prices Dipped 20 Cents In Last Nine Days
MIAMI (CBSMiami) - Gas prices have backed off from their record highs after the price of oil suffered steep losses last week.
The state average price for gasoline is on a nine-day streak of declines, dropping a total of 20 cents per gallon. On Sunday, drivers paid an average price of $4.18 per
"The oil market remains extremely volatile, after seeing big swings in both directions during the past few weeks," said Mark Jenkins, AAA spokesman. "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 a barrel on Wednesday before bouncing back up to $104.70 per barrel on Friday.
Friday's closing price of $104.70 is still $19 per barrel less than the 2022 high of $123.70. 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.
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
Making Your Gas Go the Extra Mile
Ways to Save at the Pump
- 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, according to AAA.
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.
