$3.99: A sign that gas prices are slowly dropping?

“Gas prices rise like a rocket but fall like a feather”

JACKSONVILLE, Fla. – President Biden is calling on companies to drop the price of gas as oil prices continue to tumble.

Gas prices dropped by another cent Wednesday.

  • The new national average $4.30
  • Florida remains higher at $4.31
  • Georgia consistently lower at $4.26.

News4Jax Consumer Investigator Lauren Verno found gas under $4 in our area at the Circle K off Beach Boulevard on the Southside. The surrounding gas stations were priced at $4.09 a gallon and ten minutes up the road, $4.29-$4.30.

Driver Natalia Latona saw the $3.99 gas price and said, “I was shocked. I was like there’s no way it’s under 4.”

It’s hard to believe we are at a point where people are excited to pay $3.99 to fill up. We asked driver Conner Bearss how much he had been paying. “I paid $4.30 for it, went down to Tampa and paid $4.50 for it not to long ago.”

A month ago, we were at $3.50 a gallon.

“I’m just going to buy a bicycle at some point because I don’t have money for this,” Latona said.

Prices are going down, but only a penny or two a day. Despite oil prices dropping 30% in a week.

In Washington on Wednesday, Democrat Senator Chuck Schumer said, “In the coming weeks, I expect that Congress will be calling on CEOs from the oil and gas companies to testify on the alarming spike in energy prices.”

After taking a hit in 2020, gas companies recovered significantly in 2021.

ExxonMobile made $23 billion, Shell $19.3 billion, Chevron $15.6 billion and BP $12.9 billion.

Gas price experts say prices could drop by 35-55 cents over the next 3-5 weeks if oil prices stay at this level.