The price for US crude oil settled at -$37.63 per barrel
Today oil prices went into the negative for the first time in history. The price of US crude dropped nearly $56 per barrel or 306 percent to settle at -$37.63 per barrel.
The one-day drop is the largest on record dating back to 1983. The final price is far below the previous all-time low of $10.42 per barrel set on March 31, 1983.
The unprecedented drop comes as the global crude supplies begin to backup with nowhere for it to go. Fuel demand is down due to COVID-19 and storage facilities are at or near capacity.
"This doesn’t mean gas prices will go into the negative too," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gasoline futures only lost 4 cents today. That’s because gasoline supplies are being throttled down. While three North American refineries have closed, others are reducing their production rates. Currently the state average is on track to eventually slip into the $1.40s, but this remains a very fluid situation, as with everything else during this pandemic."
Monday’s average price for gasoline in Florida is $1.82 per gallon. The daily average is 60 cents less than two months ago, and 93 cents less than this time last year.
As of this writing Monday night, the price of crude returned to positive territory, trading at slightly below $1 per barrel.
Find Florida Gas Prices
- Daily gas price averages can be found at Gasprices.aaa.com
- State and metro averages can be found here
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About AAA - The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, banking, financial services, and travel offerings to over 13.5 million members across 13 U.S. states, the province of Quebec and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Tennessee, Wisconsin, Puerto Rico, South Carolina and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.