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AAA: Florida gas prices down 60 cents in two months

Published: Apr. 19, 2020 at 11:13 PM CDT
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Florida gas prices dropped another 3.5 cents last week. In total, the state average has declined 60 cents in the past two months.

Florida Pump Price Breakdown:

-Average price is $1.82 per gallon for regular unleaded

-Lowest daily average price since March 2016

-94% of Florida gas stations have prices below $2 per gallon

-The lowest 10% of pump prices are $1.61 for unleaded

-Highest 10% of pump prices are $1.92 for unleaded

-Most expensive metro markets – West Palm Beach-Boca Raton ($1.99), Gainesville ($1.99), Fort Lauderdale ($1.94)

-Least expensive metro markets – Jacksonville ($1.66), Punta Gorda ($1.69), Panama City ($1.70)

"Gas prices continue moving lower as COVID-related state lockdowns keep Americans off the road, leading to lower demand for gasoline," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Nationwide, implied demand for gasoline has fallen nearly 60%. With fewer drivers on the road, refiners are reducing output. Crude oil prices sank to new lows last week, amid continued uncertainty of when conditions will return to normal. Meanwhile, wholesale gasoline prices remain at lows that could allow the state average to eventually sink to the $1.50s."

Oil and Gasoline Breakdown:

-Crude oil sank to the lowest price since January 2002

-The price of US crude oil settled at $18.27 per barrel on Friday

-Oil production lowered 5% in the past two weeks

-Refinery activity declined 23% in the past two weeks

-Gasoline stocks are up nearly 10% in the past two weeks

-Gasoline production declined nearly 50% in the past month

-Fuel demand is down nearly 60% in the past month