Gas price slide resumes in Daytona. Could it fall below $3?
DAYTONA BEACH — Gas prices here fell on Wednesday for the ninth day in a row, and a national industry expert is predicting some parts of the country could see average prices dip below $3 a gallon by year's end.
In Daytona Beach, two stations are now selling regular gasoline for $3.14 a gallon: the members-only Sam's Club next to the Interstate 95/LPGA Boulevard interchange and the competing Buc-ee's across the street.
The average price for the combined Volusia-Flagler area fell on Wednesday to $3.46 a gallon, down 10 cents from a week ago and down $1.43 from the record high $4.89 set on June 13.
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Fuel prices in the Daytona Beach area fell steadily for 10 weeks in a row, mirroring the decline both statewide as well as nationally, but that downward streak was snapped locally on Aug. 25. That brief uptick which coincided with the Coke Zero Sugar 400 race weekend at Daytona International Speedway lasted five days.
Nationally, gas prices have now fallen 12 weeks in a row. On Wednesday, the average price of regular gasoline for the United States now stands at $3.76 a gallon, down $1.25 from the record high $5.01 set on June 13, according to AAA Auto Club.
In Florida, the average price for regular gasoline on Wednesday fell to $3.50 a gallon, down $1.39 from the all-time statewide peak price of $4.89 a gallon set on June 13.
"Pump prices are falling after sharp drops in the oil and gasoline futures markets last week," wrote Mark Jenkins, the Tampa-based spokesman for AAA in his weekly fuel price update report on Tuesday. "The losses were fueled by growing concerns that a global recession and COVID-19 outbreaks in China would stifle global fuel demand."
AAA reports average prices for metro areas as well as for states and the nation based on its comprehensive survey of the final credit card purchases of fuel each night at gas stations across the country.
Some parts of the country have already seen gas prices at individual stations fall below $3 a gallon, according to Patrick DeHaan, the Chicago-based head of petroleum analysis for GasBuddy.com. The mobile app that tracks gas prices at individual stations across the country based on motorists' reports.
DeHaan on Tuesday reported in a post on Twitter that two stations in Iowa were now selling regular gasoline for $2.59 a gallon. On Wednesday morning, he tweeted that Lawton, Oklahoma, has become the first city in the nation to see its average price fall below $3 a gallon since the current global fuel crisis began with the Russian invasion of Ukraine in late February. The average price in Lawton is now $2.95 a gallon.
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In an interview with CNBC, DeHaan said, "I still think we could see some states drop under $3, primarily Oklahoma, Texas, by the end of the year, if not earlier."
In his weekly fuel price report on Tuesday, DeHaan wrote, "The national average has declined for 12 straight weeks, the longest tally since 2018, and it could soon eclipse that mark if we see two more weeks of decline."
U.S. oil refineries roughly a week from now are scheduled to begin their annual switch to producing less expensive winter-blend fuels. That should provide some additional relief at the pump for motorists, DeHaan wrote.
There are, however, other factors that could cause fuel prices to rise, according to DeHaan and Jenkins. They include OPEC's recent decision to cut oil production in an effort to boost prices and increase profits. "In addition, there are several (weather) disturbances in the Atlantic to keep an eye on," DeHaan warned.
Where to find the cheapest stations
In addition to Sam's and Buc-ee's, at least two other gas stations in Volusia County were selling regular gasoline for less than $3.20 a gallon on Wednesday morning: the Circle K on the corner of State Road 415 and Doyle Road in Osteen where the price is $3.17, and the Walmart station at 105 Howland Blvd. in Deltona where the price is $3.19.
In Flagler County, 13 stations in Palm Coast were selling regular gasoline on Wednesday morning for $3.49 a gallon: the Amoco at 101 Mantazas Blvd., the 7-Eleven at 2560 Moody Blvd., the Shell stations at 6125 State Road 100, 5 Old Kings Road and 2 Boulder Rock Drive, the Shell/Circle K stations at 1201 Palm Harbor Parkway and 890 Palm Coast Parkway S.W., the RaceTrac stations at 6100 State Road 100 and 5893 State Road 100, the Wawa at 5600 E. State Road 100, and the Exxon/Circle K stations at 3 Kingswood Drive, 101 Cypress Point Parkway and 1500 Palm Coast Parkway N.W.
Where gas prices currently stand
Average price for a gallon of regular gasoline:
DAYTONA BEACH
Wednesday: $3.466
Tuesday: $3.474
Week Ago: $3.562
Month Ago: $3.728
Year Ago: $2.987
Highest Recorded Average Price: $4.895 (June 13, 2022)
Previous Record Average Price (prior to Russia's invasion of Ukraine): $4.117 (July 17, 2008)
FLORIDA
Wednesday: $3.503
Tuesday: $3.513
Week Ago: $3.593
Month Ago: $3.790
Year Ago: $3.014
Highest Recorded Average Price: $4.891 (June 13, 2022)
Previous Record Average Price (prior to Russia's invasion of Ukraine): $4.079 (July 16, 2008)
SOURCE: AAA Auto Club
This article originally appeared on The Daytona Beach News-Journal: Daytona Beach gas prices: Gas still dropping locally, heading for $3
