AAA: Oil Prices Plummet to 4-Month Low; Florida Gas Pump Prices Fall Further Averaging $2.57/Gallon

By  //  June 4, 2019

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Florida had the biggest monthly price drop compared to any other state in the U.S.

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.

BREVARD COUNTY, FLORIDA – 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.

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.

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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 the most expensive average daily gas price ($2.57)
  • 6th in the nation for largest weekly change (-4 cents)
  • 1st in the nation for the largest monthly change (-22 cents)

Find Florida Gas Prices

  • Daily gas price averages can be found at Gasprices.aaa.com
  • State and metro averages can be found here
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 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.

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