A Chevron service station at 26th Street, and  U.S. 1, in Vero Beach recently tied  a service station near Tampa, for offering the lowest price for regular unleaded gasoline in Florida.  This, according to GasBuddy.com, an online gas comparison site. Here is yet another reason to come visit Vero Beach.

“Gas prices declined dramatically last week and more discounts are on the way,” said AAA spokesman Mark Jenkins. “It will be increasingly common for motorists to find gasoline under $3 a gallon.”

Even though Vero Beach is home to the champ, our neighboring city of Fort Pierce boasts the lowest average price at $3.22 a gallon.

Auto  fuel prices have been dropping in Florida and across the nation, to some of the lowest levels seen in Florida since December 2010. The drop is attributed to increased domestic production due to new Shale Oil Recovery processes,  and unusually low demand.  This combination of factors is driving the cost of a barrel of oil (WTI) below $82.  This is in sharp contrast to the highs in the $120 per barrel range reached between 2010 and 2012.

At these levels, the price of oil is at or below the cost to produce in several significant oil producing nations.  A prolonged period of low prices could potentially have an affect on world politics.  For example, Canada has replaced Saudi Arabia as the largest US oil importer.  OPEC is losing its influence and clout before our eyes.

Although the long term affects are unknown, the short term effects should server to ease the budgets of individuals and businesses all over Indian River County and the Treasure Coast.

This information is brought to you by DiSalvo & Co. CPA, with offices in Vero Beach, Titusville, and Melbourne, FL.  DiSalvo & Company offers  accounting services, both traditional, and Quickbooks style, for individuals and businesses throughout Indian River County. Pete DiSalvo measures his success by the success of his clients.   If you ‘ve been thinking it’s time to interview an accountant for your business, please give Pete DiSalvo a call for a free consultation.