AAA: Pump prices still plunging; Florida gas prices down 56 cents

first_imgClick here to view current gasoline price averages The Anatomy of Fear Florida$1.850 $1.855$1.906$2.223$2.795$4.08   (7/17/2008) LEAVE A REPLY Cancel reply Share on Facebook Tweet on Twitter Please enter your name here TAGSAAAGas Prices Previous articleThreat, stress, and panic: Your personality traits are key to handling crisisNext articleMayor Demings announces OC drive-through test site no longer requires appointment, talks masks and 5 new test sites Denise Connell RELATED ARTICLESMORE FROM AUTHOR National$1.866 $1.873$1.936$2.325$2.811$4.11   (7/17/2008) Save my name, email, and website in this browser for the next time I comment. Support conservation and fish with NEW Florida specialty license plate center_img OPEC and allies finalize record production cut. By AAAThe plunge at the pump continued last week, with Florida gas prices falling another 6 cents. How much lower gas prices go will depend on how the market responds to a historic deal made by the Organization of the Petroleum Exporting Countries (OPEC), a group consisting of 14 of the world’s major oil-exporting nations, and its oil producing allies over the weekend.On Sunday, OPEC and its allies agreed to cut oil production by 9.7 million barrels per day – the single largest output cut in history. This effectively ends a price war that broke out between Saudi Arabia and Russia, which caused an overnight 25% reduction in oil prices last month. From there, the downward trend continued as the effects of the coronavirus impacted the global economy and forced Americans to stay off the road.In total, oil prices are down 56 percent since February 21. During that time, the price of crude plummeted from $53 per barrel to $23/b. Florida gas prices also dropped 56 cents. This deal is an attempt to help eliminate supply surpluses and strengthen the price of crude.“The OPEC deal should not cause gas prices to suddenly spike, but it will affect how low they can go,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Wholesale gas prices suggest the state average could eventually reach $1.50 or below, but that won’t happen if oil prices gain upward momentum.”In Florida alone, gasoline demand is down as much as 50 percent in large cities, as residents self-isolate at home. The longer demand is down, the more crude and gasoline supplies will build; and it will take some time for drivers to work through all that, once the stay-at-home orders are lifted. As of this writing, the US benchmark for oil prices increased by more than $1.50 per barrel in overnight trading.Florida Gas Price Summary91% of Florida gas stations have pump prices below $2 a gallon.The state average of $1.85 per gallon is 6 cents less than a week ago, and 95 cents less than last year.A full tank of gas now costs $27.75.  Last year, drivers paid $42 for a full tank.View state and local gas pricesRegional PricesMost expensive metro markets – Gainesville ($2.05), West Palm Beach ($2.02), Miami ($1.97)Least expensive metro markets – Jacksonville ($1.72), Panama City ($1.73), Punta Gorda ($1.74)Find Florida Gas PricesDaily gas price averages can be found at Gasprices.aaa.com State and metro averages can be found here AAA GAS PRICE AVERAGES(Price per gallon of regular unleaded gasoline) You have entered an incorrect email address! Please enter your email address here Georgia$1.710 $1.718$1.772$2.146$2.659$4.16   (9/15/2008) Please enter your comment! SundaySaturdayWeek AgoMonth AgoOne Year AgoRecord High Free webinar for job seekers on best interview answers, hosted by Goodwill June 11 Gas Price Survey MethodologyAAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.last_img read more

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