DAYTONA BEACH — Gas prices continue to inch lower in the Volusia-Flagler area and the U.S. Energy Information Administration is offering more potential good news regarding where they are headed for the rest of the year.
"We expect retail gasoline prices (nationally) will average $3.60 a gallon in 4Q22," the federal agency wrote in its latest short-term energy outlook issued Sept. 1.
The average price for regular gasoline nationally dipped to $3.71 a gallonon Monday to continue the slow, but steady decline that began 13 weeks ago when the U.S. price peaked at $5.01 a gallon on June 14.
In Daytona Beach, the average price on Monday fell to $3.40 a gallon, down eight cents from a week ago and $1.49 from the record high $4.89 set on June 13 for the combined Volusia County/Flagler County area, according to AAA Auto Club.
The statewide average on Monday fell to $3.43 a gallon, down nine cents in the past week and $1.43 lower than Florida's all-time peak of $4.89, also recorded on June 13.
Florida gas prices are now the lowest they've been in seven months and are lower than when the Russian invasion of Ukraine began on Feb. 24 which sparked a global surge in fuel prices. Wholesale crude oil prices, which are one of the big factors in setting the retail price for gasoline and diesel, are determined in international auctions based on global supply and demand. Russia is the world's third-largest producer of crude oil and petroleum products, behind only the United States at No. 1 and Saudi Arabia.
"The oil market finished flat last week, which should enable the state average to continue moving lower," wrote Mark Jenkins, the Tampa-based spokesman for AAA in his weekly fuel price outlook report on Monday. AAA reports average prices for metro areas across the country based on its nightly comprehensive survey of the final credit card purchases of fuel at all gas stations in the United States.
"Unless fundamentals shift, Florida's average gas price should fall into the $3.30s this week," wrote Jenkins.
Motorists could also feel less pain at the pump this fall when U.S. oil refineries begin their annual switch to producing less expensive winter-blend fuels. That switch typically begins in mid-September.
An X-factor, however, remains the possibility of a hurricane strike in the U.S. Gulf region, which could cause fuel prices to spike if it were to cause a shutdown of oil refineries.
Issues with oil refineries in California have already lead to increases in gas prices in some parts of the western U.S., according to Patrick DeHaan, the Chicago-based head of petroleum analysis for GasBuddy.com.
"For now, I believe the drop in prices (overall nationally) will overpower the increases, leading to potentially another decline this week, but we're in a very fragile time and certainly could see a broader move higher in the weeks ahead," DeHaanwrote in his weekly fuel outlook report on Monday.
GasBuddy is a mobile app that tracks gas price changes at individual stations based on motorists' reports.
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Where to find the cheapest gas
In Volusia County, the Circle K station on the corner of State Road 415 and Doyle Road in Osteen remained the cheapest on Monday morning, selling regular gasoline for $3.05 a gallon. The nearby Walmart station at 105 Howland Blvd. in Deltona was the next cheapest, where its price for regular was $3.09.
In Daytona Beach, the cheapest place for motorists to refuel was the members-only Sam's Club station next to the Interstate 95/LPGA Boulevard interchange, where regular gasoline was selling for $3.19 a gallon.
In Flagler County on Monday morning, several stations in Palm Coast were tied for having the lowest prices, charging $3.48 a gallon for regular gasoline. They included the BP at 1755 Palm Harbor Parkway; the Amoco at 101 Matanzas Blvd.;the Exxon/Circle K stations at 3 Kingswood Drive; 191 Cypress Point Parkwayand1500 Palm Coast Parkway N.W.; the RaceTrac at 301 Palm Coast Parkway N.E.; and the Shell stations at 5 Old Kings Roadand 2 Boulder Rock Drive.
Where gas prices currently stand
Average price for a gallon of regular gasoline:
DAYTONA BEACH
Monday: $3.409
Sunday: $3.420
Week ago: $3.487
Month ago: $3.640
Year ago: $2.969
Highest recorded average price: $4.895 (June 13)
Previous record average price (prior to Russia's invasion of Ukraine): $4.117 (July 17, 2008)
FLORIDA
Monday: $3.439
Sunday: $3.448
Week ago: $3.524
Month ago: $3.683
Year ago: $2.996
Highest recorded average price: $4.891 (June 13)
Previous record average price (prior to Russia's invasion of Ukraine): $4.079 (July 16, 2008)
SOURCE: AAA Auto Club
