With schools starting to reopen, gas prices continue to drop in the Sunshine State.
AAA released a study on Monday showing the average gallon of gas in Florida cost $2.09 on Sunday, four cents lower than at the start of last week. The national average for a gallon of gas was $2.18 on Sunday.
“Gas prices are drifting lower, reaching the low $2.00-range in many markets,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “Prices are declining as concerns about elevated cases of COVID-19 continue to dampen expectations for fuel demand. The current outlook has prevented crude oil prices from gaining any significant ground, thus keeping gas prices low.”
AAA offered some insights on the current oil outlook.
“Last week, the International Energy Agency (IEA) revised its global oil demand forecast for 2020. Before the pandemic, the IEA set 2020 global demand expectations at 101 million barrels per day. Now, that forecast is down to 91.9 million barrels per day. The IEA cites COVID-19 as the culprit, causing reductions in road and air travel. In the report, the IEA suggests that business travel will remain severely curtailed until a vaccine is found, while leisure travel will mainly be limited to domestic trips and short-haul flights; crimping the demand for jet fuel,” AAA noted. “Crude oil prices are still holding within the $41-$42 per barrel range. On Friday, the price for US crude oil settled at $42.01 per barrel – 79 cents more than the week before.”
The West Palm Beach-Boca Raton area had the most expensive gas in the state with an average of $2.22 a gallon followed by Gainesville at $2.15 a gallon and Tallahassee at $2.14 a gallon.
Punta Gorda had the least expensive gas in Florida with an average of $1.99 a gallon followed by Orlando and the Fort Myers-Cape Coral area which both had an average of $2.05 a gallon.