TAMPA, Fla. (WFLA) – Gas prices could dip below $2 per gallon this week in some markets in Florida.
Crude and gasoline futures sank to record lows overnight amid news of an all-out price war between oil-producing countries Russia and Saudi Arabia, the American Automobile Association said Friday.
According to AAA, the new coronavirus outbreak has reduced the demand for jet fuel and gasoline.
Just two weeks ago, crude oil traded for more than $53 a barrel. By Sunday night, it was around $30, AAA said.
“At the rate fuel prices are falling on the stock market, Florida drivers could easily begin seeing sub-$2 gasoline this week,” AAA spokesman Mark Jenkins said in a statement. “The only potential upward pressure on pump prices is spring maintenance season. If the state average eventually drops below $2 per gallon, it would be the first time in four years. How long this holds or how low prices go will rely on where stock market prices go from here.”
According to AAA, the average price of gas in Florida was $2.28 on Sunday, 7 cents per gallon less than a week ago. The average pump price in Florida fell 11 cents in the past 11 days. Drivers are now paying 19 cents per gallon less than this time last year, the auto group said.
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