02
June
2019
|
17:00 PM
America/Chicago

Oil Prices Tumble; Gas Price Plunge Continues

Oil hits 4-month lows; Florida gas prices have declined for more than 30 days

Florida gas prices are poised for another week of declines after big drops on the stock market. The prices of crude and wholesale gasoline plunged last week, which should deliver another round of discounts at the pump.

View today's gas price averages

The state average price for gasoline in Florida declined for the 30th consecutive day on Sunday. Florida had the biggest monthly price drop compared to any other state in the U.S., with a total discount of 22 cents per gallon during that time.

May gas prices were the lowest for the month in two years. The monthly average of $2.68 per gallon in Florida was 6 cents less than the monthly average in April 2019. Gas prices in May 2019 averaged 14 cents less than the average price in May 2018, yet 34 cents more than the average price in May 2017.

FLORIDA GAS PRICES AVERAGE $2.57 PER GALLON

Florida drivers are now paying an average price of $2.57 per gallon. The state average is 4 cents less than a week ago, 22 cents less than last month, and 30 cents less than a year ago.

Sunday's Florida average price is now 23 cents less than the highest daily average price of 2019 ($2.80), and 35 cents less than the 2018 high ($2.92).

"After a long and expensive refinery maintenance season, most refineries are back at full strength, pumping out a lot of gasoline and applying downward pressure on prices at the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Retail prices are also being driven lower by big drops in the stock market. Crude oil and gasoline futures collapsed last week in reaction to the ongoing US-China trade dispute and news of the Trump administration's plans to enact 5 percent tariffs on Mexican goods. Market watchers are concerned over how these issues could stifle long-term demand growth. As a result, Florida drivers should see another round of discounts at the pump this week."

The price of oil dropped more than $5 a barrel on the NYMEX last week. WTI settled at $53.50/b on Friday - the lowest daily settlement since February. The highest price so far this year was $66.30 per barrel, just six weeks ago. Meanwhile, gasoline futures dropped 13 cents last week, combining for a total decline of 24 cents during the past two weeks.

Domestic oil production rates are soaring. At 12.3 million barrels per day, the U.S. is producing crude at record highs, and 16.5 percent more than this time last year. Meanwhile gasoline production in the U.S. is up 1-percent from a year ago. Gulf Coast refineries are running especially strong, processing crude at rates well above year-ago levels.

Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($2.69), Panama City ($2.68), Miami ($2.66)
  • Least expensive metro markets – Orlando ($2.48), Tampa-St. Petersburg-Clearwater ($2.49), Melbourne-Titusville ($2.49)

Florida Ranks:

  • 10th in the nation with most expensive average daily gas price ($2.57)
  • 6th in the nation for largest weekly change (-4 cents)
  • 1st in the nation for largest monthly change (-22 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 $2.816 $2.820 $2.833 $2.888 $2.949 $2.895 $2.97 (5/26/2018) $4.11 (7/17/2008)
Florida $2.567 $2.574 $2.605 $2.790 $2.867 $2.795 $2.92 (5/25/2018) $4.08 (7/17/2008)
Georgia $2.581 $2.587 $2.618 $2.728 $2.819 $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 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, financial services and travel offerings to over 9.9 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico 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 59 million members in the United States and Canada and 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.