Relief at the pump: Daytona gas prices inch lower, but for how long?
DAYTONA BEACH — After setting all-time record highs a month ago, gasoline prices have slowly but steadily inched lower, both here as well as the rest of Florida.
On Saturday morning, the average price for regular gasoline stood at $4.17 a gallon in Daytona Beach, down 72 cents from the record high $4.89 a gallon set on June 13.
"When it's your money, every penny counts," said Jennifer Page, a delivery driver for Instacart and DoorDash, as she stopped to refuel her car at the RaceTrac gas station on the corner of Beville Road and Williamson Boulevard in Daytona Beach last Monday.
Page recently moved to Daytona Beach from Tennessee so she could also take culinary classes at Daytona State College. "I typically drive 100 miles a day. I only get reimbursed 40 cents a mile so the rest is out of my pocket," she said. "Before, I could only afford to fill up a few gallons at a time. Now, I can afford to almost fill up an entire tank."
Statewide, the average price on Saturday was down to $4.28 a gallon, an improvement of 61 cents from the $4.89 a gallon record also set on June 13, according to AAA Auto Club.
Nationally, the average price on Saturday stood at $4.54 a gallon, down 47 cents from the record price of $5.01 a gallon set on June 14.
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'Welcome relief'
"Floridians are getting some welcome relief from record high prices at the pump," wrote Mark Jenkins, a Tampa-based spokesman for AAA in his latest weekly gas price report last Monday. "The price declines are attributed to falling (wholesale crude) oil and gasoline futures prices, which suffered steep drops in recent weeks, due to concerns about a potential global recession, and how that could result in lower worldwide demand for fuel."
Crude oil futures have been slumping after China imposed curbs on activity in that country because of the rise in COVID-19 coronavirus cases. The national business news website MarketWatch.com reported that the price of the benchmark West Texas Intermediate crude oil closed on Friday at $97.59 a barrel on the New York Mercantile Exchange.
That's down from a high of $123.70 a barrel set on March 8, according to a Wall Street Journal chart.
Both crude oil and retail gasoline prices have been surging globally since the Russian invasion of Ukraine began on Feb. 24. The wholesale price for crude oil on that day stood at $92.81 a barrel. Crude oil accounts for roughly 50% of the cost of retail gasoline. Russia is the world's third-largest producer of oil and petroleum products which include gasoline.
Oil and gasoline prices are set based on global supplies and global demand.
The drop in retail gasoline prices in Florida in recent weeks have resulted in a $7 reduction in the average cost for motorists to fill up their tanks as of last Monday, compared to what it cost a month ago, according to Jenkins. "On average, it now costs $66 a gallon to fill a 15-gallon tank," he wrote in his report last Monday.
On Saturday morning, the cheapest gas stations in Volusia County were the members-only Sam's Club next to the Interstate 95/LPGA Boulevard interchange in Daytona Beach and the Buc-ee's station across the street, according to GasBuddy.com. Both stations were charging $3.59 a gallon for regular gasoline.
In neighboring Flagler County, the cheapest gas stations on Saturday morning were a Circle K at 500 E. Moody Blvd., a Shell/Circle K at 890 Palm Coast Parkway S.W., and a Shell/Circle K station at 1201 Palm Harbor Parkway. All three were charging $4.44 a gallon for regular.
GasBuddy reports gas prices at individual gas stations based on motorists' reports. AAA reports daily average prices for metro areas throughout the nation based on a nightly comprehensive survey of the final credit card purchase of fuel at all stations.
"If we can avoid major disruptions from hurricane season, I think there's a decent possibility of sub $4/gal gas (nationally) by later this year," wrote Patrick DeHaan, the Chicago-based head of petroleum analysis for GasBuddy, on Twitter last Monday.
Where gas prices currently stand
Average price for a gallon of regular gasoline as of July 16, 2022:
DAYTONA BEACH
Saturday: $4.178
Friday: $4.223
Week Ago: $4.388
Month Ago: $4.852
Year Ago: $2.975
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
Saturday: $4.286
Friday: $4.315
Week Ago: $4.434
Month Ago: $4.869
Year Ago: $2.998
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: Relief at the pump: Daytona gas prices inch lower, but for how long?
