Oil prices sank to 18-year lows; US gasoline demand down nearly 60 percent
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
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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. 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.