Gas prices lower, inflation still up – InsuranceNewsNet – Insurance News Net

August 23, 2022 by No Comments

SEBRING — If you’ve noticed a bit of relief on your wallet, that may owe thanks to lower gasoline prices.

If that relief has only been very little, blame inflated prices for other goods, which have not come down yet.

AAA — The Auto Club Group has announced that gasoline prices in Florida fell by 11 cents last week, the 10th week of declines, cutting an average of $1.36 per gallon of prices since mid-June.

On Sunday, the state average price for gasoline sat at $3.54 per gallon, its lowest since March 1. Locally, on Monday, the price averaged out to $3.365 per gallon, according to GasBuddy.com.

“Gas prices are still falling, but not quite as fast as they did in recent weeks,” said Mark Jenkins, spokesman for AAA — The Auto Club Group.

He said the state average previously declining at a rate of 15-17 cents per week, dropped 11 cents last week.

“This could be a sign that pump prices could soon begin to level out,” Jenkins said. “Oil prices are currently trading at levels we saw in February, before Russia invaded Ukraine. During that time, the state average was in the $3.40s, which could be where pump prices eventually plateau.”

The current Florida average $3.54 prices means an average-sized 15-gallon tank would cost $53 to fill, $20 less than what drivers paid in mid-June, Jenkins said. For Highlands County drivers, unless they find cheaper gasoline outside the county, that 15-gallon tankful will cost $50.48, based on Monday’s average price.

Drivers are still paying about 55 cents per gallon more than this time last year, which puts another $8 onto the bill at the pump.

You can save gasoline, AAA said, if you:

– Combine errands to limit driving time.

– Shop around for the best gas prices.

– Pay with cash, as some retailers charge extra to pay with a credit card.

{p dir=”ltr”}- Remove the junk from the trunk, as each 100 pounds removed from the vehicle improves fuel economy by 1-2%.

– Drive calmly, patiently and defensively, because aggressive acceleration and speeding reduces fuel economy.

Wrecking your car from aggressive driving can cost even more in lost time, injuries, repairs, citations, legal fees and increased insurance premiums.

Meanwhile, other costs have continued to rise, straining personal and household budgets, based on the CPI.

The Bureau of Labor Statistics reports that in the 12 months from June 2021 to June 2022, the Consumer Price Index shows that energy, overall, has gone up 41.6%. Motor fuel (gasoline) has gone up 60.2% while fuel oils and other fuels have gone up 70.2% since last summer.

The last time motor fuel went up nearly that much was just a month ago in June. The last time energy and the other fuels jumped a large percentage was in spring 1980, the Bureau reports.

Mobility has gotten costly. Prices for new vehicles have gone up 11.4%. …….

Source: https://insurancenewsnet.com/oarticle/gas-prices-lower-inflation-still-up

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