TAMPA, Fla., (March 2, 2020) — Florida drivers may soon see significant savings at the gas pump. Stock market prices for crude oil and gasoline plummeted last week, amid concerns that the coronavirus will reduce global demand for products like jet fuel and gasoline.
- Friday’s closing price for crude is the lowest in more than a year (December 2018).
- After six consecutive days of declines, the U.S. benchmark for crude oil (WTI) suffered a staggering $9 dip, settling at $44.76 a barrel.
- Gasoline futures also dropped by 26 cents per gallon on the NYMEX.
“Crude price drops of this significance can reduce the value of retail gasoline by more than 20 cents,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “It’s something that may not happen overnight, but if crude prices remain low, drivers could be pay much less at the pump by the end of this week.”
Florida gas prices declined 6 cents per gallon in the past week. The state average is $2.35 per gallon and falling. For now, wholesale gasoline prices suggest a state average of $2.28 per gallon.
- Most expensive metro markets – West Palm Beach – Boca Raton ($2.50), Gainesville ($2.44), Miami ($2.42)
- Least expensive metro markets – Orlando ($2.27), The Villages ($2.27), Punta Gorda ($2.29)