The Punta Gorda metropolitan statistical area experienced the biggest drop in gas prices in Florida over the last year, according to a new study. The annual price drop of a gallon of regular, premium and diesel in the MSA, which encompasses all of Charlotte County, fell 24 cents, 25 cents and 32 cents, respectively.
The study by U.K.-based price search engine Bountii analyzed data from AAA, which provides daily gasoline and diesel price averages for individual MSAs across the state and nation. Punta Gorda MSA has prices that traditionally run lower than in Lee and Collier counties.
The July 11 average price for regular unleaded gasoline in Punta Gorda was $3.55 per gallon, while Fort Myers/Cape Coral’s average was $3.57 and Naples came in third out of the three at $3.59.
Bountii evaluated the cost of a gallon of regular, midgrade and premium gasoline and diesel fuel in 474 cities across the U.S. from June 10, 2023, to June 10, 2024. Each city was rated for the cost of the four fuel types, and an average ranking was created from the biggest reduction in fuel prices to the smallest, the report said.
Fort Myers/Cape Coral and Naples weren’t the top 10 Florida areas with the largest price declines. Orlanda came in second, followed by the Bradenton-Sarasota-Venice area.
The highest prices for gasoline in Punta Gorda, Fort Myers/Cape Coral and Naples, were set in June 2022. On June 12 of that year, Charlotte County saw gas prices hitting $4.87 and Fort Myers/Cape Coral prices rose to $4.87. On June 13, 2022, Naples’ highest price was $4.91 per gallon of regular unleaded.
Although Punta Gorda had the most price drops, Florida does not have the lowest gasoline and diesel prices among the 50 states. While the national average on July 11 came in at $3.54 for regular unleaded, Florida’s was $3.54 per gallon, according to AAA.
AAA spokesperson Mark Jenkins said there are several factors affecting gasoline prices, including distance from the supplier/port (it costs more money to transport gasoline farther away), cost of living/operating a business (if operational costs are higher, the cost of goods and services tends to be higher to offset those operational costs) and competition in the area.”
The U.S. Energy Information Administration provides other factors that affect prices, including supply disruptions that can cause price increases.
Events that slow or stop gasoline production can result in increased bidding for available gasoline supplies.
Pipeline disruptions, planned or unplanned refinery maintenance or refinery shutdowns, such as those that occur when hurricanes hit the U.S., may cause gasoline prices to increase.
If the gasoline transportation system can’t provide surplus supply from one region to another, prices will remain relatively high.
Environmental programs also add to the cost of production, storage and distribution.
Some areas of the U.S. are required to use special, reformulated gasoline that includes additives to help reduce carbon monoxide, smog and toxic air pollutants from evaporating and burning gasoline. About one-third of the gasoline sold in the nation is reformulated.
