WFCN –
The state average for gas in Florida settled at $3.32 on Monday, a 13-cent decrease from last week.
On Monday, gas in Palm Beach County the county with the state’s highest average price—cost $3.49, 13 cents less than one week ago. A year ago, at the same period, the average price was $3.91.
The state has the lowest daily average gas price since June 19, according to AAA-The Auto Club Group’s weekly gas price update.
An official from the organization referred to the fact that “drivers got some relief at the pump last week,” stating that the price of oil and gasoline futures had dropped significantly.
“Fuel prices had fallen under downward pressure amid concerns of a global recession,” he added. “However, futures prices regained some ground last week, on renewed economic optimism, which could lead to a slight bump at the pump.”
Crude oil prices in the United States have fallen for four weeks running before to last week. Oil prices fell thirteen percent during that time.
The price of a barrel of oil closed at $76.84 on Friday, up 5% from the previous week, although it is still far lower than the $80 level.
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The Oil Price Information Service reports that rising oil prices were caused by the anticipation of a U.S. interest rate cut in September and the persistence of concerns about escalating conflicts in the Middle East.
Sandwiches at this PB County gas station are a twist on a classic New Jersey dish.
Six reasons why gas prices in Palm Beach County are consistently the highest in the state, according to AAA Auto Club South and Gas Buddy.
Gas rates in Palm Beach County nearly consistently top the state, regardless of the ups and downs in Florida.
There are a lot of questionable reasons for the difference, according to experts at Gas Buddy and AAA Auto Club South.
Cost of living and business operations are the two most notable disparities, according to AAA. However, more variables should be considered.
Oh, look at these:
The presence or absence of rival businesses
Stations that are close to discount giants like Sam’s Club and Costco are also likely to have reduced costs. Prices are likely to be higher in areas without a major gas station.
Zones of prices
Factors such as population density, income level, average traffic flow, number of cars, number of competing stations, and more are considered in a pricing technique called zoning. Even within a few miles of one another, gas stations may charge different amounts for the same brand due to price zones established by the fuel suppliers.
Rates of motor fuel taxes
There are a total of 57.7 cents per gallon in Palm Beach County taxes, which include 39.4 cents for state and local taxes and 18.4 cents for federal taxes. However, the maximum gasoline tax in Florida is also in effect in 30 additional counties.
Cost of distribution
The distance that trucks must travel from a terminal to a petrol station determines these. Palm Beach County has no gasoline terminal. Port Everglades in Broward County is South Florida’s primary storage and distribution center for refined petroleum products, and all of Palm Beach County’s gasoline comes from there.
Property taxes, insurance and leasing costs
These tend to be higher near airports and interstate on- and off-ramps and in higher-income municipalities such as Boca Raton and Jupiter.
The market
Station owners charge what the market will bear. In an affluent county, that ends up with prices being higher. Higher-income communities also tend to have fewer gas stations, resulting in less competition. What does it boil down to? They charge more because they can.
Gas prices in Florida as of Sunday, Aug. 11
∎ Most expensive metro markets – West Palm Beach-Boca Raton ($3.50), Naples ($3.43) Gainesville ($3.42).
∎ Least expensive metro markets – Crestview-Fort Walton Beach ($3.08), Pensacola ($3.09), Panama City ($3.13).
∎ Capital region market – Tallahassee ($3.37).
∎ State and metro averages can be found here .
∎ Daily gas price averages can be found at Gasprices.AAA.com .