Gas Prices Continue Downward Trend

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Daytona Beach, FL - The downward trend for gas prices continues this week. AAA spokesperson Mark Jenkins attributes the continuing decline to global oversupply concerns and rising tension in the U.S.-China trade war. Prices have fallen for nearly 20 days in a row, according to Jenkins for a total of almost 20 cents. Prices this week are about six cents lower than last week, about 18 cents less than this time last month and almost 25 cents than this time last year.

When asked about what happened on the stock market yesterday, with the Dow falling close to three percent, Jenkins said stock market conditions can extend into the crude oil futures market, largely driven by drops in the stock market can cause lower demand for fuel. He said that has not happened so far as crude oil prices only fluctuated slightly yesterday.

The average price for a gallon of regular gas in Florida is $2.50 this morning. Jenkins said, "Continued weakness in the oil market has allowed for the cheapest summertime gas prices in two years," and "So far this summer, Florida drivers are paying nearly 20 cents per gallon less than last summer. As we approach the end of summer driving season, gas price hikes should be few and far between. When students go back to school, gasoline demand dips, because fewer families are taking extended roads trips."