PANAMA CITY — Motorists across the U.S. are enjoying the cheapest gas they’ve seen since 2010, with most of Bay County pumps flashing prices below $3 a gallon.
In Panama City on Wednesday, five stations clocked in at $2.85 per gallon for regular gas, some of the lowest prices in the Bay County area. Of those five stations, four are located on a 1-mile stretch on U.S. 98 between Fairland Avenue and Beck Avenue.
At St. Andrews Mini Mart on the corner of U.S. 98 and Frankford Avenue, manager Kori Greenberg said she has seen an influx of business recently due to the store’s low gas prices.
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“I’ve been here for about five years now and I’ve never seen it this low,” Greenberg said of the locally owned station, which has just four gas pumps. “I think we try to stay in the realm of what’s around us.”
Other stations offering gas at $2.85 a gallon Wednesday included T&N Express and Crown, both at the intersection of U.S. 98 and Beck Avenue, Dodge’s Store at U.S. 98 and Fairland Avenue, and Panama City Market on East 11th Street and Sherman Avenue.
The average price for a gallon of gas in Panama City this week is $2.96, down from $3.27 last month and $3.61 six months ago. Prices in Panama City Beach hovered a bit higher, but still are slightly below $3. The average price on the Beach this week is $2.99, down from $3.31 last month and $3.62 six months ago.
According to AAA-The Auto Club Group, lower gas prices can be attributed to lower prices of U.S. crude oil benchmark West Texas Intermediate.
“Cheaper oil equals cheaper gas,” said AAA spokesman Josh Carrasco. “Oil accounts for two-thirds of the price at the pump. Right now, demand is low and oil production in the U.S. is at almost a 30-year high. Lower oil prices means more money in consumers’ pockets.”
Statewide, the average price for gasoline is hovering around $3.04, according to AAA’s Fuel Price Finder, and officials say they expect to see prices continue to drop.
“We are seeing gas prices falling at an average of 1 to 2 cents a day,” Carrasco said. “Motorists are saving 65 cents on average for every gallon they pump into their tank, when compared to the peak price of $3.70 in April. That’s extra money consumers can now use in other areas like holiday shopping.”
Lower prices at the pump are also a greater incentive to travel.
Dan Rowe, director of the Bay County Tourist Development Council, said while high gas prices don’t typically deter planned vacations, low prices have the ability to spur a last-minute road trip.
“We don’t think it will have that big impact in terms of vacation planning, but we do hope, with lower gas prices, it might inspire people to take that spur-of-the-moment trip,” Rowe said. “In our core drive markets, Atlanta, Birmingham, it’s just a few hours drive. It’s just get in the car and go.”
Local gas prices
- Lowest gas prices in Bay County for 1 gallon regular unleaded:
- BP, 6217 Cherry St., Callaway - $2.79 cash, $2.89 credit
- Exxon, 4131 Cherry St., Parker - $2.79 cash
- St. Andrews Mini Mart, 2025 W. 15th St. - $2.85
- Crown, 2915 W. U.S. 98 - $2.85
- Panama City Market, 2007 E. 11th St.- $2.85
- Dodge’s Store, 1610 W. 15th St. - $2.85 cash, $2.87 credit
- T&N Express, 3000 W U.S. 98 - $2.85 cash, $2.87 credit
- EZ Lane, 2620 E. 5th St. - $2.86
- R&C Gas Mart, 4200 W. 18th St. - $2.86
- QV, 4201 W. 18th St. - $2.86
- Sam’s Club, 1707 W. 23rd St.- $2.86 (for club members)
- RaceWay, 3433 E. 15th St. - $2.87
- Murphy USA, 731 N. Tyndall Parkway- $2.87
- MP Food Mart, 3919 W. State 390 - $2.87
- Note: Locations with only one price listed charge the same for cash and credit.
Source: AAA’s Fuel Price Finder