Daytona Beach, FL - Florida’s gas prices are beginning to back off a yearly high of $3.32 per gallon after oil prices began to drop.
A report from AAA says crude oil prices—which have been the main influence behind rising gas prices throughout 2021—dropped 7 percent as domestic production and stocks logged weekly gains.
While it was the first real sign of weakness in the market in a month, half of the oil price drop was erased by the end of the week as demand outpaces the global supply. The price for US oil settled at $81.27 a barrel, which is down $2.30—3 percent—from the week before.
Fortunately for motorists, AAA Spokesperson Mark Jenkins said gas prices could inch even lower later this week.
“Despite the setback, significant upward pressure remains in the oil market,” said Jenkins. “Prices are still at 7-year highs and are likely to remain elevated through the holiday season, which will in turn keep upward pressure on prices at the pump.”
Locally, according to AAA’s gas report, Volusia drivers are paying an average of $3.26 per gallon of regular unleaded gas at the start of this week, and that’s down a couple of cents from the $3.28 average reported the week prior. In Flagler, drivers are looking at an average price of $3.28, on-par with Volusia’s previous average.
Across the state, West Palm Beach-Boca Raton was found to have the highest average in Florida with a reported average of $3.45 per gallon, while Sebring was found to have the lowest average with $3.19.
While drops were reported in Florida, the national average has increased to $3.42 from $3.40 the week prior.
