As COVID-19 cases in America increased last week, fuel prices plummeted across the board. Crude oil plunged to 18-year lows, while prices at the pump are now the lowest since August 2016.
The average price for gasoline in Florida is $2.08 per gallon. The state average will likely dip below $2 per gallon this week, for the first time since March 2016.
"At this point, drivers do not need to rush out to the pump to fill-up their tanks," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gas prices will continue to fall this week, and supplies themselves to do not appear to be a concern. AAA confirmed with state leaders Sunday night that Florida's ports are scheduled to remain open for deliveries of various goods including gasoline. The governor has also waved restrictions for truck drivers, allowing them to drive longer hours and carry heavier loads - so all necessary deliveries are made.
"Fuel prices have suffered a historic collapse during the past month," Jenkins continued. "Weeks ago, oil plummeted when Saudi Arabia announced plans to flood the market with oil. That downward momentum has only continued, as Americans are asked to stay home, thus eroding fuel demand expectations. If wholesale gasoline prices do not recover soon, Florida drivers could eventually pay $1.50 per gallon or less; a threshold that has not been reached since December 2003."
In the past four weeks:
Florida gas prices have fallen an average of 34 cents per gallon
Wholesale gasoline prices were cut in half
Domestic crude oil and gasoline futures lost nearly 60% of value on the NYMEX
Oil (WTI) plummeted from $53/barrel down to $22.53/barrel on Friday
Wednesday's oil price settlement of $20.37/b was the lowest since February 2002
Sub-$2 Gas Prices in Florida
As of this writing Sunday night, 42 percent of Florida retailers have pump prices below $2 a gallon. That percentage will rise even more this week.
Jacksonville and The Villages are the only metro areas with an average price below $2 a gallon. Orlando, Tampa Bay, and Pensacola metro average prices will drop below $2 a gallon in the next 24-48 hours.
Most expensive metro markets – Gainesville ($2.24), West Palm Beach-Boca Raton ($2.23), Tallahassee ($2.15)
Least expensive metro markets – Jacksonville ($1.96), The Villages ($1.96), Orlando ($2.01)
Find Florida Gas Prices
Daily gas price averages can be found at Gasprices.aaa.com
State and metro averages can be found here
|AAA GAS PRICE AVERAGES
(Price per gallon of regular unleaded gasoline)
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||Record High|
|Click here to view current gasoline price averages|
Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.