Florida Pump Prices Lowest in 16 Months, Average Price Has Declined 54 Consecutive Days

By  //  December 4, 2018

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Supply levels highest since this time last year

Gas prices in Florida averaged $2.34 per gallon on Sunday – the lowest daily price since August 2017 ($2.32). 

BREVARD COUNTY, FLORIDA — Gas prices in Florida averaged $2.34 per gallon on Sunday – the lowest daily price since August 2017 ($2.32). 

The Florida average has now declined 54 consecutive days for a total of 48 cents. During the past week, the state average dropped nearly 10 cents.

The state average is 58 cents less than this year’s highest price of $2.92/g in May. Drivers are now paying 10 cents less than this time last year.

Florida gas prices for the month of November averaged 25 cents less than in October. Despite falling gas prices, this was the most expensive November at the pump in four years.

The monthly average price of $2.52/g was five cents more than November 2017, and 37 cents more than November 2016.

The state average is 58 cents less than this year’s highest price of $2.92/g in May. Drivers are now paying 10 cents less than this time last year.

Click here to view AAA’s state and metro gas price averages

  • Most expensive gas price averages: Panama City ($2.73), Miami ($2.56), Crestview-Fort Walton Beach ($2.52)
  • Least expensive gas price averages: Tampa-St. Petersburg-Clearwater ($2.17), Orlando ($2.18), and Punta Gorda ($2.19)

The average American is now finding the lowest gas prices of the year. The national average price for gasoline was $2.47 per gallon on Sunday. That’s nine cents less than last week, and 2 cents less than the previous 2018-low which was set back in January.

“Compared to when pump prices peaked in May, Florida drivers are saving an average of $9 every time they go to the pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.

“Plunging oil prices have made gasoline far less expensive to produce. Oil prices sank to 14-month lows because there’s so much oil in the global market and not enough demand to absorb it. OPEC and Russia hope to change that. They meet on Thursday to discuss a production cut, in hopes of boosting oil prices.”

“A significant cut could have an immediate impact on gas prices, but to what extent will depend on how the oil market responds.”

The Florida average has now declined 54 consecutive days for a total of 48 cents. During the past week, the state average dropped nearly 10 cents.

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Oil and Gasoline Dynamics

  • Domestic crude oil production remains at a record-high 11.7 million barrels per day; 21 percent more than last year
  • Domestic oil supply increased for the 10th consecutive week
  • Supply levels are the highest since this time last year
  • Gasoline production remains strong
  • Gasoline supplies are nearly 5 percent stronger than a year ago
  • Gasoline demand is steady
  • Exports of crude and refined fuels reached a new all-time high last week of 8.7 million barrels per day

Gas Price Tools

CURRENT AND PAST PRICE AVERAGES

                                                                                     Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago 2018 High Record High
National $2.467 $2.477 $2.561 $2.774 $2.480 $2.97 (5/26/2018) $4.11   (7/17/2008)
Florida $2.339 $2.348 $2.425 $2.648 $2.441 $2.92 (5/25/2018) $4.08   (7/17/2008)
Georgia $2.288 $2.297 $2.393 $2.648 $2.346 $2.84 (5/27/2018) $4.16   (9/15/2008)
Click here to view current gasoline price averages

CLICK HERE FOR BREVARD COUNTY NEWS


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