TAMPA, Fla. (WFLA) – Despite a recent detente in the global price war, gas prices have continued to trend downward across Florida.
According to AAA, the average price of gas was $1.85 per gallon on Sunday, down 6 cents from the previous week and 56 cents from late February. The average price of gas was $2.80 around this time last year.
In total, oil prices are down 56 percent since Feb. 21.
According to AAA, the drop is due to coronavirus-related orders and the price war between Russia and Saudi Arabia, which caused an overnight 25% reduction in oil prices last month. During that time, the price of crude fell from $53 per barrel to $23 per barrel. Florida gas prices also fell 56 cents.
On Sunday, OPEC and its allies agreed to a record cut in their oil production, 9.7 million barrels per day.
“The OPEC deal should not cause gas prices to suddenly spike, but it will affect how low they can go,” Mark Jenkins, spokesman, AAA — The Auto Club Group, stated in a news release. “Wholesale gas prices suggest the state average could eventually reach $1.50 or below, but that won’t happen if oil prices gain upward momentum.”
In Florida alone, gasoline demand is down as much as 50% in large cities, as residents self-isolate at home.
Most gas stations in Florida, 91%, are selling gas for less than $2 a gallon.
Metro Tampa-St. Petersburg-Clearwater’s current average is $1.762 per gallon.
Most expensive metro markets: Gainesville ($2.05), West Palm Beach ($2.02), Miami ($1.97)
Least expensive metro markets: Jacksonville ($1.72), Panama City ($1.73), Punta Gorda ($1.74)