Futures prices weaken as the spread of COVIID-19 causes renewed global demand concerns

08 August 2021

Florida gas prices are inching lower after setting a new 2021 high last week. The state average jumped nearly 6 cents per gallon, briefly reaching $3.03 per gallon. That’s 2 cents more than the previous 2021 high (July), and was the highest daily average since October 2014.

By Sunday, the state average inched 1-cent lower. The state average of $3.02 per gallon is 5 cents per gallon more than a week ago, 1-cent per gallon more than a month ago, and 54 cents per gallon more than this time last year. 

"Gas prices jumped early last week because of lower gasoline supplies and a weaker dollar," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "However by the end of the week, futures prices dropped 8% on a stronger dollar and concerns about how the spread of COVID-19 could curb global fuel demand. If sustained, lower futures prices would enable gas prices to slip lower this week."

Market watchers are increasingly concerned about the spread of COVID-19 as cases reach multi-month highs in the United States, and China limits domestic travel and imposes lockdowns in affected areas. On Friday, crude oil prices closed at $5 a barrel less than the week before. Meanwhile, gasoline futures dropped 11 cents per gallon. The downward trend carried over into the weekend. Late Sunday night, crude oil and gasoline futures traded at 2 percent less than Friday’s settlement.

Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($3.16), Panama City ($3.13), Tallahassee ($3.08)
  • Least expensive metro markets – Punta Gorda ($2.96), Orlando ($2.98), Jacksonville ($2.98), Fort Myers-Cape Coral ($2.99), Tampa Bay ($3.00)
  • Check state and regional prices at GasPrices.AAA.com

Ways to Save on Gasoline

  • Combine errands to limit driving time.
  • Shop around for the best gas prices in your community. 
  • Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
  • Remove excess weight in your vehicle. 
  • Drive conservatively. Aggressive acceleration and speeding reduces fuel economy. 
  • Enroll in savings programs. AAA Members who enroll in Shell’s Fuel Rewards program can save 5 cents per gallon when they fill up at Shell. Members who enroll between July 1 and August 31, 2021 can save 30 cents per gallon on their first fill up. Click here for more information.

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 $3.188 $3.188 $3.173 $3.141 $2.179 $4.11   (7/17/2008)
Florida $3.022 $3.024 $2.971 $3.014 $2.130 $4.08   (7/17/2008)
Georgia $2.970 $2.972 $2.967 $2.933 $1.978 $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.

About AAA - The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.