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In two months, oil prices sank to 18-year lows; US gas demand down nearly 60 percent

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By AAA

Florida gas prices dropped another 3.5 cents last week. In total, the state average has declined 60 cents in the past two months.

Florida Pump Price Breakdown:

Average price is $1.82 per gallon for regular unleaded

Lowest daily average price since March 2016

94% of Florida gas stations have prices below $2 per gallon

The lowest 10% of pump prices are $1.61 for unleaded

Highest 10% of pump prices are $1.92 for unleaded

Most expensive metro markets – West Palm Beach-Boca Raton ($1.99), Gainesville ($1.99), Fort Lauderdale ($1.94)

Least expensive metro markets – Jacksonville ($1.66), Punta Gorda ($1.69), Panama City ($1.70)

"Gas prices continue moving lower as COVID-related state lockdowns keep Americans off the road, leading to lower demand for gasoline," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Nationwide, implied demand for gasoline has fallen nearly 60%. With fewer drivers on the road, refiners are reducing output. Crude oil prices sank to new lows last week, amid continued uncertainty of when conditions will return to normal. Meanwhile, wholesale gasoline prices remain at lows that could allow the state average to eventually sink to the $1.50s."

Oil and Gasoline Breakdown:

Crude oil sank to the lowest price since January 2002

The price of US crude oil settled at $18.27 per barrel on Friday

Oil production lowered 5% in the past two weeks

Refinery activity declined 23% in the past two weeks

Gasoline stocks are up nearly 10% in the past two weeks

Gasoline production declined nearly 50% in the past month

Fuel demand is down nearly 60% in the past month

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
National $1.817 $1.821 $1.866 $2.196 $2.839 $4.11 (7/17/2008)
Florida $1.815 $1.818 $1.850 $2.119 $2.753 $4.08 (7/17/2008)
Georgia $1.672 $1.676 $1.710 $2.017 $2.681 $4.16 (9/15/2008)
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.

AAA, Gas Prices

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