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Oil Prices Plummet; AAA Says Florida Gas Prices Could Fall Below $2 This Week
March 9, 2020
Florida gas prices should go even lower this week, potentially sinking below $2 per gallon in some markets, according to AAA. Crude and gasoline futures prices were sent into a tail-spin overnight, hitting lows that haven’t been seen since 2016.
Just two weeks ago, the price of crude traded for more than $53 per barrel. Sunday night, it was around $33/b. Crude prices have been reeling during the past two weeks, as coronavirus concerns have led to lower global demand for jet fuel and gasoline, AAA said.
“At the rate fuel prices are falling on the stock market, Florida drivers could easily begin seeing sub-$2 gasoline this week,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “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.”
Sunday’s state average of $2.28 per gallon is seven cents per gallon less than a week ago, and the lowest daily average price since February 2019. The state average has fallen 11 cents in the past 11 days. Drivers are currently paying 19 cents per gallon less than this time last year.
The average price gallon Sunday night in Escambia County was $2.26, down about seven cents from a week ago.
Sunday night, the lowest price to be found in North Escambia was $2.20 at two stations in the Cantonment area.
Comments
2 Responses to “Oil Prices Plummet; AAA Says Florida Gas Prices Could Fall Below $2 This Week”
Gas was $1.98/gallon in Bay Minette Alabama yesterday. We always get gouged around here compared to there – I suppose that’s the price you pay for living in Florida so close to Pensacola. Needless to say we buy gas in Bay Minette every time we drive through there.
Now I just wish the price of cotton was high & grandpa’s never died!