TAMPA, Fla. (WFLA) – The average price of gas in Florida will likely dip below $2 this week for the first time since March 2016.
According to figures from the AAA and Oil Price Information Service, Floridians are now paying an average of $2.08 per gallon at the pump.
Fuel prices continue to drop across the country as the coronavirus outbreak forces more drivers to stay at home. Florida gas prices have fallen an average of 34 cents per gallon over the past four weeks, according to the report.
“Fuel prices have suffered a historic collapse during the past month,” said AAA spokesman Mark Jenkins. “Weeks ago, oil plummeted when Saudi Arabia announced plans to flood the market with oil. That downward momentum has only continued, as Americans are asked to stay home, thus eroding fuel demand expectations. If wholesale gasoline prices do not recover soon, Florida drivers could eventually pay $1.50 per gallon or less; a threshold that has not been reached since December 2003.”
According to AAA, crude oil plunged to 18-year lows as domestic crude oil and gasoline futures lost nearly 60% of value on the NYMEX. Oil (WTI) fell from $53/barrel down to $22.53/barrel on Friday.
“At this point, drivers do not need to rush out to the pump to fill-up their tanks,” Jenkins said. “Gas prices will continue to fall this week, and supplies themselves to do not appear to be a concern. AAA confirmed with state leaders Sunday night that Florida’s ports are scheduled to remain open for deliveries of various goods including gasoline. The governor has also waved restrictions for truck drivers, allowing them to drive longer hours and carry heavier loads – so all necessary deliveries are made.”
According to AAA, 42 percent of Florida’s gas stations have pump prices below $2 a gallon. That percentage is expected to rise later this week.
Metro Tampa-St. Petersburg-Clearwater’s current average is $2.005 per gallon.