Cooling geopolitical tensions alleviates upward pressure on pump prices

13 January 2020

Pump prices are retreating after logging the most expensive start to a new year since 2014. Florida gas prices reached an average price of nearly $2.53 per gallon last Tuesday, but have since declined a total of 4 cents.

Rising crude prices dragged gas prices higher in recent weeks. However, oil prices quickly sank as tensions between the US and Iran began to ease. Last week, the price for a barrel of WTI crude dropped nearly $5; going from $64/b on Monday to $59/b on Friday. 

"Drivers normally see some of the lowest gas prices of the year in January, but prices have remained elevated compared to recent months, due to the rising price of crude," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Cooling geopolitical tensions between the US and Iran has alleviated some of the upward pressure on gasoline, and now drivers are beginning to see lower prices at the pump. The state average could dip another few pennies this week. Seasonal factors like low gasoline demand and growing supplies should allow gas prices to slip even lower this month. However, seasonal factors will be at play again in the spring. Gas prices are forecast to bounce 20-30 cents higher in the coming months as refineries conduct maintenance and switch to summer gasoline."

The current state average price of $2.49 per gallon is: 

  • 4 cents less than a week ago
  • 36 cents more than this time last year
  • 31 cents less than the 2019 high of $2.80

Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($2.61), Port St. Lucie ($2.54), Gainesville ($2.54)
  • Least expensive metro markets – Punta Gorda ($2.42), Tampa-St. Petersburg-Clearwater ($2.44), Jacksonville ($2.44)

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 Low

2019 High Record High
National $2.583 $2.588 $2.585 $2.571 $2.245 $2.23 (January) $2.90 (May) $4.11   (7/17/2008)
Florida $2.490 $2.497 $2.526 $2.487 $2.126 $2.12 (January) $2.80 (April) $4.08   (7/17/2008)
Georgia $2.446 $2.451 $2.463 $2.405 $2.076 $2.04 (January) $2.74 (April) $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. 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.