Fuel prices in Florida continue to trend lower, with regular unleaded gasoline now costing below $2 a gallon at over 90 percent of the pumps, according to the AAA auto club.
The average price of regular unleaded in Central Florida is $1.76 a gallon. That average is 6 cents lower than the previous week, 56 cents lower than late February, and 95 cents lower than the third week in April of 2019, according to AAA — The Auto Club Group.
OPEC recently agreed to cut oil production by 9.7 million barrels per day. That being the largest cut of oil production in history and basically ending a price war between Saudi Arabia and Russia which lead to a 25% reduction in oil prices last month.
Demand for fuel has also dropped rapidly over the past 30 days as the COVID-19 pandemic has reduced traveling, according to AAA spokesman W.D. Williams.
“Florida drivers are observing the social isolating concepts, so driving is about 50 percent of where it is normally,” Williams said.
“Gasoline pricing still hasn’t caught up with the very low crude oil pricing,” Williams said. “We expect gasoline prices in Florida to continue dropping this coming week, down to the $1.80’s. In fact, there are some stations that you’ll be able to find gas in the $1.60’s this week, if you shop around a little bit.”
Prices will likely increase whenever coronavirus fears and stay-at-home orders are removed, Williams said. It’s also possible that stay-at-home orders will be rescinded in a “guarded” fashion which “could” mean a gradual increase to prices as opposed to a rapid climb.