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Gas prices fall over weekend; experts predict another spike over summer

Posted at 9:58 AM, Jun 20, 2022
and last updated 2022-06-20 11:10:56-04

PORT ST. LUCIE, Fla. — The cost of fuel fell over the weekend both across the country and in Florida.

On Monday, the national average was $4.98, down from $4.99 Saturday. Last Tuesday, the country hit a record high of $5.02.

In Port St. Lucie, prices reached $4.92 last week. The average in Port St. Lucie as of Monday is now $4.84.

Experts with AAA and the Oil Price Information Service predict that over the summer, prices will spike again due to schools getting out and the busy travel season ramping up.

According to OPIS, the price per gallon could be close to $6.00 by Labor Day.

Before the country reached a new record high last Tuesday, prices had risen 58 out of the previous 60 days.

The increases accounted for 94 additional cents added to the national average over that time.

Experts at OPIS said high prices could be forcing drivers to spend less money at other retail stores which could be a factor that helps the economy slip into a recession.

In Indian River County, the average price per gallon is $4.85. In Okeechobee, the average price is $4.82 and in Martin County it's $4.88. Palm Beach County currently has the highest average gas prices in the region at $4.96.

AAA said the spike is being caused by a number of reasons, including the upcoming summer driving season increasing demand and global supply is tighter after the pandemic and Russia's invasion in Ukraine.

For the latest gas prices in our area, click here.