AAA: Already at Two-Year Low for December, Gas Prices Should Fall More Over Holiday Season

By  //  December 22, 2018

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Gas prices in Florida are 10 cents less than the average price on Christmas Day 2017

Christmas came early for millions of Americans hitting the road for the holidays. Gas prices, which are already at 2-year lows for this time of year, should drop even lower in the coming days. 

AAA – Christmas came early for millions of Americans hitting the road for the holidays. Gas prices, which are already at 2-year lows for this time of year, should drop even lower in the coming days; after the price of oil and wholesale gasoline tumbled on Thursday.

Gas prices in Florida are 10 cents less than the average price on Christmas Day 2017.

The state average is $2.26 per gallon, yet Florida motorists are beginning to find pump prices below $2 a gallon at various filling stations in Jacksonville, Orlando, and Tampa Bay.

On average, Florida drivers are paying nearly $10 less for a full tank of gas, compared to when prices peaked last summer. During the past 10 weeks, pump prices plunged an average total of 56 cents.

AAA forecasts more than 5.3 million Floridians will take a road trip between now and New Year’s Day. There will be nearly 242,000 additional Florida drivers on the roads, compared to last year’s holiday season.

That does not include travelers from out-of-state.

SUMMARY

  • Florida’s daily average price is the lowest since August 2017
  • Travelers will find the lowest holiday gas prices in two years
  • 5.3 million Floridians will travel by automobile during the year-end holidays
  • The average cost for a full tank of gas is $10 less than what motorists paid in the summer
  • Today’s most expensive gas price averages: Panama City ($2.60), Miami ($2.44), and West Palm Beach-Boca Raton ($2.42)
  • Today’s least expensive gas price averages: The Villages ($2.14), Orlando ($2.15), Jacksonville ($2.16)
  • Click here to view AAA’s state and metro gas price averages

An estimated 102.1 million Americans are forecast to travel via automobile between now and New Year’s Day. Nationwide, the average price for gasoline is $2.35 per gallon and falling (check today’s price).

Americans are paying $9 less for a full tank of gas, than they did when prices peaked in the summer. The national average has declined 13 cents this month, and a total of 55 cents since mid-October.

“A holiday road trip will become even more affordable, as AAA forecasts another round of falling gas prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.

“Wholesale gasoline plummeted on Thursday, which will reduce the cost for retailers to buy and sell gasoline. Unless the market turns around, drivers should see gas prices fall another 5-15 cents, during their holiday road trips.”

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What’s Driving the Price Drop?

The global oil market is considered oversaturated, as crude production from the U.S. and many other countries have hovered near record-highs, outpacing demand 
  • The global oil market is considered oversaturated, as crude production from the U.S. and many other countries have hovered near record-highs, outpacing demand
  • There is uncertainty in the market about global economic growth, creating a bearish sentiment on fuel demand
  • Futures prices were dragged lower by virtue of weakness in equity markets after the Federal Reserve added a quarter point to the benchmark interest rate on Wednesday, and concerns of a government shutdown were renewed on Thursday
  • Oil prices are the lowest since July 2017. The price for a barrel of WTI crude settled at $45.88 Thursday on the NYMEX
  • Gasoline futures are at 2-year lows (September 2016). RBOB dropped 6 cents on Thursday and is down 11 cents on the week.
  • Wholesale gasoline prices dropped nearly 10 cents on Thursday
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 $2.360 $2.369 $2.399 $2.612 $2.429 $2.97 (5/26/2018) $4.11   (7/17/2008)
Florida $2.258 $2.269 $2.311 $2.480 $2.359 $2.92 (5/25/2018) $4.08   (7/17/2008)
Georgia $2.163 $2.171 $2.198 $2.462 $2.273 $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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