Florida Gas Prices Plunge To 4-Month Lows; More Discounts Expected
MIAMI (CBSMiami) -- Florida gas prices sank to their lowest level since June. The state average dropped 4 cents last week to an average price of $2.05 per gallon. Gas prices are on a 29-day streak of declines, and it appears that trend will continue this week.
Crude oil prices are tumbling - dropping 10% last week and another 3% Sunday night. The market is concerned that global fuel demand will continue to struggle thanks to rising COVID-19 cases both domestic and abroad.
"Gas prices are declining as Floridians prepare to drive to the polls this Tuesday," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Although drivers in some metro areas are already paying sub-$2 gas prices, the latest round of crude price drops could drag the state average below $2 for the first time since early June. The state average could eventually sink to $1.90 per gallon, unless wholesale gasoline prices recover."
Florida drivers are paying an average price of $2.05 per gallon. The state average is 41 cents less than this time last year, and 15 cents less than what the price was on the last presidential election in 2016.
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According to AAA, these are the lowest Florida gas prices for the month of October in 16 years. The monthly average was $2.13 per gallon, which is 32 cents less than October 2019 and 64 cents less than what drivers paid in October 2018.
Regional Prices
- Most expensive metro markets – West Palm Beach-Boca Raton ($2.18), Panama City ($2.12), Naples ($2.11)
- Least expensive metro markets – Punta Gorda ($1.94), Orlando ($1.98), Tampa-St. Petersburg-Clearwater ($1.99)