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Oil Price Rebound Limits Potential Gas Price Drop

Florida gas prices have declined 10 cents in the past three weeks

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Florida gas prices are still declining, but may not fall as far as originally projected, after oil prices regained strength last week.

Two weeks ago, AAA began calling for a potential discount of 20-30 cents at the pump, after oil prices plummeted 16% after Thanksgiving. The crude price drop was based on concerns about the severity of the emerging omicron variant and whether it would potentially impact global economic growth and limit mobility.

However, about half of that price drop was erased last week as omicron concerns seemed to ease. After falling from $78 per barrel down to $65 two weeks ago, the price of crude settled back up at $71.67 on Friday. Despite the increase, oil prices are still lower than they were two weeks ago, and pump prices have still not yet fully adjusted.

"After plunging two weeks ago, the crude market regained strength last week," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "As a result, that 20-30 cent drop we were anticipating, could be more like 10-20 cents. Oil prices remain the main drivers of prices at the pump. So if oil prices increase again this week, drivers will again need to adjust their expectations."

Pump prices are slowly declining. The state average slipped 3 cents last week and a total of 10 cents in the past 23 days. Florida drivers are now paying an average price of $3.27 per gallon - the lowest daily average price since mid-November.

Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($3.44), Naples ($3.35), Fort Lauderdale ($3.33)
  • Least expensive metro markets – Crestview-Fort Walton Beach ($3.14), The Villages ($3.16), Punta Gorda ($3.17)

Ways to Save on Gasoline

  • Combine errands to limit driving time.
  • Shop around for the best gas prices in your community.
  • Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
  • Remove excess weight in your vehicle.
  • Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
  • Ensure your vehicle is properly maintained. An engine tune-up, new air filter and proper tire inflation can all help fuel economy. Visit AAA.com/AutoRepair to find a AAA Approved Auto Repair facility near you.
  • Enroll in savings programs. AAA Members who enroll in Shell's Fuel Rewards program can save 5 cents per gallon when they fill up at Shell. Click here for more information.

Find Florida Gas Prices

(Price per gallon of regular unleaded gasoline)

Sunday Saturday Week Ago Month Ago One Year Ago Record High
National $3.329 $3.330 $3.359 $3.416 $2.162 $4.11 (7/17/2008)
Florida $3.265 $3.268 $3.299 $3.276 $2.137 $4.08 (7/17/2008)
Georgia $3.146 $3.150 $3.183 $3.260 $2.006 $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 14 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.