Crude prices to hit 14-month lows; State Average Could Soon Dip Below $2.30 per gallon
Florida drivers may soon see significant savings at the gas pump. Stock market prices for crude oil and gasoline plummeted last week, amid concerns that the coronavirus will reduce global demand for products like jet fuel and gasoline.
- Crude oil futures suffered the biggest weekly decline in more than 11 years.
- After six consecutive days of declines, the U.S. benchmark for crude oil (WTI) suffered a staggering $9 dip, settling at $44.76 a barrel.
- Friday’s closing price for crude is the lowest in more than a year (December 2018).
- Gasoline futures also dropped by 26 cents per gallon on the NYMEX.
"Crude price drops of this significance can reduce the value of retail gasoline by more than 20 cents," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "It’s something that may not happen overnight, but if crude prices remain low, drivers could be pay much less at the pump by the end of this week."
Florida gas prices declined 6 cents per gallon in the past week. The state average is $2.35 per gallon and falling. For now, wholesale gasoline prices suggest a state average of $2.28 per gallon.
- Most expensive metro markets – West Palm Beach - Boca Raton ($2.50), Gainesville ($2.44), Miami ($2.42)
- Least expensive metro markets – Orlando ($2.27), The Villages ($2.27), Punta Gorda ($2.29)
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
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||2019 High||Record High|
|National||$2.441||$2.447||$2.474||$2.477||$2.423||$2.90 (5/4/2019)||$4.11 (7/17/2008)|
|Florida||$2.354||$2.364||$2.411||$2.380||$2.483||$2.80 (4/12/2019)||$4.08 (7/17/2008)|
|Georgia||$2.267||$2.276||$2.307||$2.314||$2.296||$2.74 (4/29/2019)||$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.