Daytona Beach, FL - Reports from AAA say that some Florida drivers are finding prices dropping below $2 at the pump.
Their latest report says that prices have so far dropped an average of 22 cents in 18 days, leading to Florida's latest average of $2.17 per gallon (regular unleaded). And the drop isn't expected to stop there. According to AAA, prices are expected to continue their trend down. Mark Jenkins, Spokesperson for AAA, says that the one-two punch of coronavirus fears and the Saudi Arabia-Russia price war are to thank.
"Oil prices plunged early last week after Saudi Arabia pledged to flood the market with oil. As oil prices bottomed at around $33, gasoline futures continued to fall throughout the week. The effects of the coronavirus snowballed. Cancelled flights and large events, school closures, and companies asking employees to work from home lead to less fuel demand," said Jenkins. "More drops are coming this week. Retail prices are still catching up to big drops in wholesale and gasoline futures prices. Unless those prices suddenly bounce back, it's likely that the state average will soon dip below $2 a gallon."
The current average of $2.17 is 11 cents lower than last week's average, 44 cents less than this time last year, and 39 cents less than the highest price so far this year.
Right now, Volusia County drivers are seeing averages slightly higher than the state's at $2.21 per gallon (regular unleaded). But, that's still about nine cents lower than last week's average.
On the flip side, Flagler drivers are seeing average slightly higher than Volusia's at $2.24.
West Palm Beach-Boca Raton is seeing the state's highest average at $2.34. Jacksonville drivers are currently watching average hover around $2.05, the lowest in the state.
The national average currently sits at about $2.26, ten cents higher than Florida's.