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Economy

Gas Prices Hit 2024 High, But a Price Drop is Expected

ⓒ Pexels | Engin Akyurt

Gas prices in Florida have reached their highest mark of 2024, bringing a financial strain to motorists at a time when many were hoping for relief. Though it hasn’t come yet, some experts believe a substantial drop in price is imminent due to the decrease in the cost of oil.

Drivers will likely be happy to hear that they may soon get a break from rising prices at the pump,” said AAA spokesperson Mark Jenkins. “The price of oil took a step back last week, enabling gasoline futures to drop 20 cents per gallon.”

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Gas prices hit their yearly high on Sunday, when the Florida average was $3.61 a gallon. This is still lower than the yearly high for 2023 ($3.85) and for 2022 ($4.89), and things don’t appear to be on the cusp of getting much worse. By Tuesday the state average had already eased to $3.56.

According to Jenkins’ analysis, the upcoming easing of prices on U.S. motorists can be attributed to an increase in American oil inventory due to the price drop, and an improvement in the state of affairs between oil providers in the Middle East. The cost of gas, whether good or bad, is tied to these factors more strongly than to the economic policies of the federal government.

Volusia County as of Tuesday is close to state averages, with the countywide average coming in at $3.55. Flagler County is slightly more expensive, at $3.58 as of Monday. At the same point in time Buc-ee’s on LPGA Blvd in Daytona is undercutting most competitors at $3.29 a gallon, while the member-exclusive Sam’s Club across the street is at the same price.

Flagler County residents looking for a bargain can find the cheapest price at the Shell station on Palm Coast Pkwy and Cypress Point Pkwy, which was listed at $3.35 as of Tuesday.

Written By

Chris Gollon is a Flagler County resident since 2004, as well as a staple of the local independent music scene and avid observer of Central Florida politics, arts, and recreation.

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