Daytona Beach, FL – Gasoline prices continue to sink throughout the country – including the Daytona Beach area – due largely to a supply glut in the world’s oil market.
The latest AAA report shows a gallon of regular unleaded in the Daytona Beach metro area averages out at $2.32 cents, ten cents less than a week ago.
It’s a similar story locally for mid-grade and premium gas averages, with prices falling eight cents ($2.68) and nine cents ($2.99), respectively, since last Monday. Diesel dropped four cents in the past week to $3.06.
At the county level, Volusia averages $2.31, while Flagler is at $2.39, according to AAA.
AAA spokesperson Mark Jenkins says the average regular gas price in Florida also dropped ten cents to $2.33, its lowest point since August 2017.
“Compared to when pump prices peaked in May, Florida drivers are saving an average of $9 every time they go to the pump,” Jenkins added. “Plunging oil prices have made gasoline far less expensive to produce. Oil prices sank to 14-month lows because there’s so much oil in the global market and not enough demand to absorb it.”
Jenkins says it’s possible that could change quickly once the world’s leading oil-producing countries meet later this week to talk about cutting production.
“A significant cut could have an immediate impact on gas prices, but to what extent will depend on how the oil market responds,” Jenkins noted.
Florida’s regular gas price average has dropped for 54 straight days, falling 48 cents during that stretch. It peaked last May at $2.92.
Despite a 25-cent drop in prices compared to October, this was the most expensive November at the pump for Floridians in four years, per AAA statistics. The monthly regular gas price average of $2.52 was five cents higher than November of last year and 37 cents more than November 2016.
The most expensive in Florida is still in Panama City, where regular is going on average at $2.73, followed by Miami ($2.56) and Crestview-Fort Walton Beach ($2.52). Tampa-St. Petersburg-Clearwater is the lowest by metro area at $2.17, with Orlando ($2.18) and Punta Gorda ($2.19) right behind.
The national average price for gasoline was $2.47 per gallon on Sunday, nine cents less than last week and the lowest it’s been all year long, according to AAA.