Florida gasoline prices continue to fall

The price of a gallon of gasoline fell another seven cents per gallon in the past week. Gas prices have fallen 18 cents in 17 days, AAA — The Auto Club Group reported Monday.

The statewide average for a price of gallon dropped to $2.37 on Sunday, the lowest mark of the year so far, and comfortably below the $2.45 price of a week earlier.

Florida gas prices have been on a steady decline since mid-January, when pump prices reached a 2020 high of $2.56 per gallon.

“The state average should trend even lower this week, as strong gasoline supplies continue to outpace low winter fuel demand,” Mark Jenkins, AAA spokesman wrote in a news release.

“In addition to those seasonal factors, it now appears that the coronavirus is heaping even more downward pressure on fuel prices,” Jenkins added. “Market watchers are concerned that the mysterious virus could lead to even less global fuel demand. The growing concerns led to lower crude prices last week, which lowers the cost of producing gasoline. If current wholesale gasoline prices hold, the state average could approach $2.30 per gallon by the end of the week.”

The price of West Texas intermediate crude oil settled at $51.56 per barrel on Friday. The daily settlement was nearly $3 per gallon less than the week before.

Nonetheless, prices in Florida still were higher than at the same time in 2019. This time last year a gallon of gas averaged $2.28 in Florida

Nationally, the average price this week is $2.47, according to AAA.

In Florida, AAA found the least expensive average gasoline in Punta Gorda, where a gallon was averaging $2.27 and in the Tampa, St. Petersburg-Clearwater metro at $2.28. Pensacola prices averaged $2.30.

The state’s most expensive markets were West Palm Beach and Boca Raton at $2.53, Miami at $2.47 and Sebastian and Vero Beach at $2.45.

On Monday, Jacksonville’s average prices were $2.28. A gallon of gas in Orlando ran $2.29 and in Tallahassee prices averaged $2.41. The Fort Lauderdale average came in at $2.44.