Daytona Beach, FL – State gas prices drop below $2.50 per gallon (regular unleaded) for the first time since March.
“Falling gas prices accelerated last week, after another week of strong crude oil and gasoline supply figures,” said Mark Jenkins, spokesman for AAA. “Domestic crude inventories set a new 2019 high, forcing oil prices to their lowest levels since January.”
Jenkins also said that strong fuel supplies should keep gas prices low this summer and that Florida could see another drop of five cents sometime this week.
So far this summer, state gas prices have averaged $2.57 per gallon, with the current average 11 cents less than what drivers paid on Memorial Day.
The current average is also 30 cents less than the highest price of 2019, which was established in April.
Last week, crude oil prices settled as low as $51.14 per barrel on Wednesday (June 12th). Then, on Friday (June 14th), the price of West Texas Intermediate (WTI) settled at $52.51 per barrel, nearly $1.50 per barrel less than a week ago.
The latest figures from the US Energy Information Administration (EIA) showed a 0.5% increase in domestic crude supplies; contributing to a 2% build during the past two weeks.
US oil production remains near record highs. Meanwhile, gas supplies and production both increased for another week.
Locally, Volusia County drivers are seeing an average price hovering around $2.49 per gallon, which is on par with the current state average and nine cents less than last week’s average.
North of Volusia, Flagler drivers are seeing averages hovering around $2.51 per gallon, which is two cents more than the state average but six cents lower than last week’s average.
As for the highest prices in the state, Naples has surpassed West Palm Beach-Boca Raton after tying with them last week. Drivers there are currently seeing averages hovering around $2.61 per gallon.
Punta Gorda drivers are seeing the lowest average in the state with $2.38 per gallon. That’s 14 cents lower than the lowest state average that was seen in Pensacola last week.
The current national average is $2.68 per gallon, a six cent drop compared to this time last week.