After setting record, when will Florida gas prices drop?

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Florida Gas Prices Sit At 10

According to AAA, the price of U.S. crude dropped 13% on Friday, finishing the week 10% lower than the week prior. Friday’s closing price of $68.15 per barrel was the lowest daily price since Sept. 9, Jenkins said. “ Yesterday, crude prices were very erratic, reaching a high of nearly $73 before ultimately settling back down at $69.95,” he added. Jenkins had actually predicted in an interview with Local 10 News last week that gas prices were set to start lowering.

Florida Gas Prices Sit At 10

No, the current rise in gasoline prices is not directly attributable to Biden’s energy policies. The profit motive, that age old description of human economic behavior, is the major cause of the rise in gasoline prices around the world. OPEC wanted more money, so it voted to significantly cut production. International crude oil prices, having hovered in the $35 per barrel range for a long time, immediately began to rise, peaking at about $85 per barrel. Biden had nothing to do with OPEC’s vote and Putin’s invasion.

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According to AAA, The International Energy Agency forecasts that sky-high fuel prices will cause U.S. oil production to return to pre-pandemic levels by the end of 2022. U.S. oil production is reportedly at 11.8 million barrels per day, which is about 10% below the pre-pandemic record-high of 13.1 million barrels per day. New records are being set again in Florida – and not in a good way. The state average price for a gallon of regular gas now sits at a new record high.

Florida Gas Prices Sit At 10

At the end of the week, prices had already averaged $5 or more in about 20 states, with the highest prices on the West Coast. A pricing practice known as zoning takes into account the number of competing stations, number of vehicles, average traffic flow, population density, income level and more. Set by the gasoline suppliers, price zones can result in varying prices for the same brand at stations a few miles apart. In the Tampa Bay area, the average price of gas is even higher at $4.49 a gallon, AAA says — a jump of 8 cents from Thursday’s average of $4.40 for the area. After reaching an all-time average high of $5.02 in mid-June, the national average for a gallon of gas has finally slipped back under $4. In Fort Lauderdale, the average price was $4.51 per gallon – down 13 cents from last week and 41 cents from one month ago. The cheapest gallon in Broward was located at the Chevron station located at 8161 Wiles Road in Coral Springs.

Pain at the pump: Palm Beach County reaches $5 a gallon as gas prices continue to balloon

Palm Beach County, which usually has the state’s highest gas prices, reached $5.01 on average for a gallon of regular gas, according to the weekly briefing Florida Gas Prices Sit At 10 from AAA-The Auto Club Group. In March, the White House began releasing 1 million barrels of oil a day from the US Strategic Petroleum Reserve.

Experts say Russia’s war on Ukraine is causing a ripple effect. The fuel market was tight heading into 2022, as many oil producing countries had yet to return to pre-pandemic levels, even though demand rebounded. “The fuel market is extremely unstable right now,” Jenkins said. “It’s very volatile heading into a very busy summer travel season. So, it’s really hard to put a pin on what to expect in a month’s time.” “Right now, what’s driving prices is the expectation that demand for the summer driving season is going to be much stronger than last year,” AAA spokesperson Mark Jenkins said. “You couple that with lowering supplies here domestically and stronger demand internationally.” On average, Florida drivers will now be paying about $67 to fill an average-sized tank of gas – over $20 more than this time last year.

Gas Prices Drop for Fourth Straight Week Across Florida: AAA

According to the AAA Gas Prices website, which is a public service of the United States of America’s largest motoring and leisure travel membership organization, the following price information is made available. Every day up to 120,000 stations are surveyed in cooperation with WEX Inc. for unmatched statistical reliability. As the US considers pausing federal gas tax as an option to cut prices given current domestic and world developments, we assess where things stand. According to Kloza, the financial strain on oil companies predates the Biden administration, dating back to 2008 recession related bankruptcies, which has made investors less likely to invest in oil companies and new drilling.

A sign reflects the price per gallon of fuel at a gas station on March 10, 2022 in Miami, Florida. Florida’s $4.47 average price now tops the national average of $4.43. Here’s what you need to know about gas prices, including where they might go next and what the White House is doing to keep them in check. Volunteer drivers for nonprofits like Meals on Wheels are eligible for a tax reimbursement of 14 cents per mile, unchanged from 2021, according to the Internal Revenue Service.

Florida gas prices break another record, hit new all-time high

The West Palm Beach and Boca Raton area is seeing the highest prices in the state, according to AAA.

Florida Gas Prices Sit At 10

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