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Gas Prices Drop Below $2 A Gallon In Florida
March 16, 2020
Florida drivers are beginning to find gas prices below $2 a gallon in many markets, including Pensacola. According to AAA, 11% percent of Florida filling stations have sub-$2 gasoline. That number is expected to rise in the coming days.
“Low pump prices are likely to get even lower this week,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The combination of the coronavirus and the ongoing price war between Saudi Arabia and Russia are contributing to some of the lowest futures prices since the Great Recession. Oil prices plunged early last week after Saudi Arabia pledged to flood the market with oil. As oil prices bottomed at around $33, gasoline futures continued to fall throughout the week. The effects of the coronavirus snowballed. Cancelled flights and large events, school closures, and companies asking employees to work from home lead to less fuel demand.”
Florida gas prices dropped an average of 22 cents in the past 18 days. The state average of $2.17 per gallon is 11 cents less than a week ago, 44 cents less than this time last year, and 39 cents less than the highest price so far this year.
The average cost per gallon in Escambia County Sunday night was $2.13, down from $2.30 a month ago. In North Escambia, the lowest price was in Cantonment at $2.05 Sunday night. Multiple stations in Pensacola were below $2 Sunday night, including one at $1.94.
“Although the average price for gasoline in Florida is $2.17, many drivers are paying much less,” Jenkins continued. “More drops are coming this week. Retail prices are still catching up to big drops in wholesale and gasoline futures prices. Unless those prices suddenly bounce back, it’s likely that the state average will soon dip below $2 a gallon.”
NorthEscambia.com photo.
Comments
3 Responses to “Gas Prices Drop Below $2 A Gallon In Florida”
What good is low gas prices when most people will be stuck at home?
I filled up this morning at the Shell on Hwy 29 and Kingsfield. Prices are climbing again. Reaction to COVID-19 panic?
Wholesale its going for .69 cents. What a rip off.