With the nation still responding to coronavirus, the price of crude oil has dropped to the lowest it has been in 18 years while gas prices in Florida are the lowest they have been since 2016.
AAA released a report on Monday showing the average gallon of gas in Florida cost $2.08 on Sunday, down from $2.17 at the start of last week. Looking ahead, AAA predicted the “state average will likely dip below $2 per gallon this week, for the first time since March 2016.” The national average stood at $2.14 a gallon on Sunday.
“At this point, drivers do not need to rush out to the pump to fill-up their tanks,” said Mark Jenkins, a spokesman for AAA and 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.”
Almost half of Florida retailers–42 percent–already have gas below $2 a gallon and AAA expected “that percentage will rise even more this week.”
Gainesville had the most expensive gas in the state at $2.24 a gallon followed by the West Palm Beach-Boca Raton market at $2.23 and Tallahassee at $2.15.
Jacksonville and the Villages had the least expensive gas in the state at $1.96 a gallon followed by Orlando at $2.01.