AAA: Gas Prices Slip for Third Straight Week, Motorists Paying 46 Cents More Than This Time Last Year

By  //  June 16, 2018

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prices declined 16 consecutive days for 11 cents

Gas prices in Florida declined nearly 6 cents last week. The state average of $2.80 per gallon is the lowest daily price since early May.

(AAA)  – Gas prices in Florida declined nearly 6 cents last week. The state average of $2.80 per gallon is the lowest daily price since early May.

Since peaking at $2.92 on May 25, gas prices have declined 16 consecutive days for 11 cents. Despite the recent discount, motorists are still paying 46 cents per gallon more than this time last year.

Click here to view AAA state and metro gas price averages

  • The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.92), Miami ($2.91), and Panama City ($2.88)
  • The least expensive gas price averages in Florida are in Punta Gorda ($2.70), Orlando ($2.72), and Tampa St. Petersburg-Clearwater ($2.73)

“Gas prices could drop another 5 cents this week unless the market suddenly shifts course,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Prices at the pump are still adjusting to the recent drop in oil and wholesale gasoline, due to the potential of increased crude output from OPEC.

However, there is still volatility in the market, and pump prices could move higher if OPEC decides against easing production cuts at a meeting later this month.”

Average Summer Gas Prices
2014 2015 2016 2017 Today
National $3.57 $2.71 $2.23 $2.31 $2.92
Florida $3.50 $2.58 $2.19 $2.25 $2.81
Georgia $3.48 $2.57 $2.11 $2.18 $2.79
Tennessee $3.35 $2.45 $2.03 $2.08 $2.68

Saudi Arabia increased production last month by 100,000 barrels a day, after curtailing output by nearly two years. The Kingdom was part of an agreement with other OPEC and non-OPEC oil producers to reduce output in hopes of raising oil prices.

The production cut worked; the oil market tightened and crude prices reached near 4-year highs. However, there are growing concerns that strong demand would soon outpace supplies, and economies will suffer as a result of the higher prices.

Because of this, the participants in this agreement are set to reconvene on June 22 to discuss increasing output. U.S. crude prices settled at $65.74 per barrel on Friday – a 7 cent decline from the week before, and $6.50 less than this year’s high.

Gas Price Tools

Fuel Savings Tips

Drive Sensibly – Aggressive driving (speeding, rapid acceleration, and braking) wastes gas.

  • Gas mileage can be reduced 15-30% at highway speeds / 10-40% in stop-and-go traffic
  • The equivalent of 27¢ – $1.08 per gallon

Observe the speed limit

  • Not only is it safer – but it can help you save money
  • Gas mileage rapidly declines at speeds above 50 mph
  • Every 5 mph you drive over 50 mph is like paying an additional 19 cents per gallon for gasoline

Lose the weight

  • Using your trunk for storage can cost you by way of lower fuel economy
  • Remove unnecessary items from your vehicle.
  • An extra 100 pounds in your vehicle reduces your miles per gallon by about 1%
  • Like paying an additional 3 cents per gallon for every 100 pounds

Use cruise control

  • Cruise control on the highway helps you maintain a constant speed
  • Conversely, constant throttling at high speeds consumes gasoline much faster
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Avoid excess idling

  • Idling uses a quarter to a half gallon of fuel per hour
  • Turn off your engine when your vehicle is parked
  • It only takes 10 seconds worth of fuel to restart your vehicle

Combine Trips

  • Saves time and money
  • Fuel economy is better when your engine is warmed up and you make multiple stops

Inflate Tires

  • Keeping your tires inflated to the proper pressure can improve your gas mileage up to 3%
  • It can mean the difference of a couple cents per gallon
  • Find the recommended tire pressure on a sticker located on the driver’s side door jamb

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