01
February
2020
|
17:00 PM
America/Chicago

Florida Pump Prices Plunging; Coronavirus Contributes to Demand Concerns

Florida gas prices decline 7 cents in the past week; nearly 20 cents in less than three week

The plunge at the pump continued last week. Florida gas prices declined an average of 7 cents per gallon, setting a new 2020 low of $2.37 on Sunday.

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 has since dropped a total of 18 cents per gallon in the past 17 days.

"The state average should trend even lower this week, as strong gasoline supplies continue to outpace low winter fuel demand," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "In addition to those seasonal factors, it now appears that the coronavirus is heaping even more downward pressure on fuel prices. Marketwatchers 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 WTI crude settled at $51.56 per barrel on Friday. The daily settlement was nearly $3/b less than the week before.

Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($2.53), Miami ($2.47), Sebastian-Vero Beach ($2.45)
  • Least expensive metro markets – Punta Gorda ($2.27), Tampa-St. Petersburg-Clearwater ($2.28), Pensacola ($2.30)

Florida Fast Facts:

  • Florida has the 22nd-lowest state average in the United States
  • Florida had the fourth-largest weekly decline of any state (7 cents)

Find Florida Gas Prices

AAA GAS PRICE AVERAGES
(Price per gallon of regular unleaded gasoline)

Sunday Saturday Week Ago Month Ago One Year Ago

2019 High
(YTD)

2018 High Record High
National $2.473 $2.477 $2.521 $2.586 $2.259 $2.895 $2.97 (5/26/2018) $4.11 (7/17/2008)
Florida $2.373 $2.380 $2.447 $2.458 $2.288 $2.795 $2.92 (5/25/2018) $4.08 (7/17/2008)
Georgia $2.309 $2.314 $2.372 $2.443 $2.146 $2.735 $2.84 (5/27/2018) $4.16 (9/15/2008)
Click here to view current gasoline price averages


Gas Price Survey Methodology
AAA 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.

About AAA - The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, banking, financial services, and travel offerings to over 13.5 million members across 13 U.S. states, the province of Quebec and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Tennessee, Wisconsin, Puerto Rico, South Carolina and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.