A.G. Gancarski
As Floridians brace for another week of “safer at home” style orders, gas prices continue their free fall.
Floridians are now paying, on average, $1.98 for a gallon of gas.
“The cost for gasoline has dramatically declined in the past month, and there are even more discounts to come,” said Mark Jenkins, spokesman, AAA — The Auto Club Group.
“If the state average eventually drifts below $1.73, pump prices would be the lowest since 2009,” Jenkins added.
“That may not be a difficult bench mark to reach. If wholesale prices hold at current levels, the state average could eventually sink below $1.60 per gallon. Although these savings are a tremendous benefit for drivers, unfortunately they come at a time when residents are unable to go out and enjoy them,” Jenkins noted.
These low prices come at a time when consumers normally would be paying more at the pump. Gas is down 78 cents year over year in pricing.
April 12 represented 2019’s high mark, at $2.80 a gallon.
However, that’s not likely to happen this year, with demand having troughed. In some markets, demand is half of what it was last year.
Despite an overall price break across the state, regional variations in average price exist as normally would be the case.
A few major markets are still over that $2 a gallon threshold.
Among these: Gainesville at $2.17 a gallon, West Palm Beach-Boca Raton at $2.12 a gallon, and Miami at $2.06.
These are the three most expensive markets in the state.
The best bargains, meanwhile, are The Villages and Jacksonville at $1.86 a gallon.
Panama City, with gas priced at $1.89 a gallon, is close behind.
Even if coronavirus had not effectively shut down large swaths of commerce in the state and well beyond, it’s possible that prices would still be tumbling.
As the Financial Times notes, Saudi Arabia and Russia continue their price war, accelerating oil extraction even as capacity for reserves becomes ever more scarce.
Prices for U.S. oil have hovered around the $20 mark Monday morning. Brent oil prices have been incrementally higher, but have hit a floor not seen since 2002.
