AAA: Gas Prices Decline 7 Cents, Coronavirus Contributes to Demand Concerns, Brevard Drivers Paying $2.32
By Space Coast Daily // February 5, 2020
plunge nearly 20 cents in less than three weeks
BREVARD COUNTY, FLORIDA– The plunge at the pump continued last week. Florida gas prices declined an average of 7 cents per gallon, setting a new 2020 low of $2.37 on Sunday.
Florida gas prices have been on a steady decline since mid-January, when pump prices reached a 2020 high of $2.56 per gallon. The state average has since dropped a total of 18 cents per gallon in the past 17 days.
“The state average should trend even lower this week, as strong gasoline supplies continue to outpace low winter fuel demand,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.
“In addition to those seasonal factors, it now appears that the coronavirus is heaping even more downward pressure on fuel prices. Market watchers are concerned that the mysterious virus could lead to even less global fuel demand. The growing concerns led to lower crude prices last week, which lowers the cost of producing gasoline. If current wholesale gasoline prices hold, the state average could approach $2.30 per gallon by the end of the week.”
The price of WTI crude settled at $51.56 per barrel on Friday. The daily settlement was nearly $3/b less than the week before.
- Most expensive metro markets – West Palm Beach-Boca Raton ($2.53), Miami ($2.47), Sebastian-Vero Beach ($2.45)
- Least expensive metro markets – Punta Gorda ($2.27), Tampa-St. Petersburg-Clearwater ($2.28), Pensacola ($2.30)
Florida Fast Facts:
- Florida has the 22nd-lowest state average in the United States
- Florida had the fourth-largest weekly decline of any state (7 cents)
Find Florida Gas Prices
- Daily gas price averages can be found at Gasprices.aaa.com
- State and metro averages can be found here
CLICK HERE FOR BREVARD COUNTY NEWS