Crude oil and gasoline futures plummeted to 4-week lows

21 July 2019

The summertime seesaw at the pump continues this week. After rising 7 cents early last week, Florida gas prices are moving lower once again. 

The average price for Florida gasoline is $2.67 per gallon. The state average is 4 cents more than this time last week and 23 cents more than a month ago. However, Florida drivers are paying 13 cents less than this year’s high, and 10 cents per gallon less than this time last year.  

The brief 7-cent increase last week was a delayed response to Tropical Storm Barry, which caused a short-lived surge in crude and gasoline futures the week before. However, that upward pressure quickly evaporated early last week, upon learning that Barry did little to no damage to Gulf Coast refineries. 

Futures price drops accelerated in the middle of last week. Crude oil and gasoline futures sank to 4-week lows, following a bearish report from the EIA, which fueled oversupply concerns. The EIA’s weekly report cited weakening gasoline demand, higher gasoline stocks, and a smaller-than-expected drop in oil supplies. Also pushing crude prices lower is news that oil output from Russia is rebounding from a 3-year low earlier this month. 

On Friday, the price of crude settled at $55.63 per barrel - a discount of nearly $5/b from the week before. Additionally, wholesale prices plummeted nearly 16 cents per gallon - lowering the price for retailers to obtain gasoline. 

"After quickly rising last week, Florida gas prices are already on their way back down," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Prices at the pump are falling at an average rate of one penny per day. The state average could reach $2.55 per gallon in the next two weeks, unless futures prices quickly change course."


Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($2.74), Naples ($2.72), Gainesville ($2.70)
  • Least expensive metro markets – Pensacola ($2.63), Punta Gorda ($2.64), Jacksonville ($2.65)


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

2019 High
(YTD)

2018 High Record High
National $2.770 $2.776 $2.789 $2.666 $2.842 $2.895 $2.97 (5/26/2018) $4.11   (7/17/2008)
Florida $2.668 $2.677 $2.628 $2.441 $2.755 $2.795 $2.92 (5/25/2018) $4.08   (7/17/2008)
Georgia $2.658 $2.663 $2.666 $2.445 $2.704 $2.735 $2.84 (5/27/2018) $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 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, financial services and travel offerings to over 9.9 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico 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 59 million members in the United States and Canada and 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.