AAA: Crude Oil Surge Leads To Gas Price Drop

By on July 23, 2018 in WNDB News

Daytona Beach, FL – A nationwide surge in crude oil production is one of the big factors behind the gasoline price drop last week in the Daytona Beach area.

AAA’s latest gas reports shows the average for a gallon of regular unleaded in Volusia County is $2.76 cents, four cents under last week. In Flagler, it’s $2.77 cents, a three cent drop.

Gas prices in Florida have now fallen for nine straight days, dropping five cents during the past week to $2.75 per gallon, which AAA spokesperson Mark Jenkins says is due in big part to the 11 million barrels of crude oil per day now being produced in the United States.

“Oil prices averaged $3 to $5 less than the previous three weeks, allowing gas prices to lose value,” Jenkins added. “Although prices are lower, there is still volatility at the pump as gasoline demand remains high during the summer driving season and global supply concerns persist.”

Florida’s current average is 55 cents more than the $2.25 posted at this point last year, but also nine cents below the current national average of $2.84, per AAA.

The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.86), Miami ($2.82) and Crestview-Fort Walton Beach ($2.82). The least expensive are in Punta Gorda ($2.66), Tampa-St. Petersburg-Clearwater ($2.70) and Orlando ($2.70).

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