AAA: Oil Prices Plunge; Gas Prices Drop 30th Straight Day

By on June 3, 2019 in WNDB News

Daytona Beach, FL – Florida gas prices are poised for another week of declines after big drops in the stock market, according to the latest report from AAA.

That same report also said that the price of crude and wholesale gasoline plunged last week, which should bring another round of discounts at the pump.

The newest gas report from AAA shows that the state average price for gasoline declined for the 30th consecutive day on Sunday.

So far, Florida has had the biggest monthly price drop compared to any other state in the nation, with a total discount of 22 cents per gallon (regular unleaded) during that time.

May gas prices were also the lowest for the month in two years. The monthly average of $2.68 per gallon in Florida was six cents less than the monthly average in April of 2019.

And now Florida drivers are paying an average price of $2.57 per gallon (regular unleaded). The current state average is four cents less than a week ago.

It’s also 22 cents less than last month and 30 cents less than a year ago.

Sunday’s price is now 23 cents less than the highest daily average price of 2019 ($2.80), and 35 cents less than the 2018 high ($2.92).

“After a long and expensive refinery maintenance season, most refineries are back at full strength, pumping out a lot of gasoline and applying downward pressure on prices at the pump,” said Mark Jenkins, spokesman for AAA. “Retail prices are also being driven lower by big drops in the stock market. Crude oil and gasoline futures collapsed last week in reaction to the ongoing US-China trade dispute and news of the Trump administration’s plans to enact 5 percent tariffs on Mexican goods.”

The price of oil dropped more than $5 a barrel on the New York Mercantile Exchange (NYMEX) last week. WTI settled at $53.50 a barrel on Friday – the lowest daily settlement since February.

The highest price so far this year was $66.30 a barrel, which was just six weeks ago.

Locally, drivers in the Volusia area are looking at an average price hovering around $2.55 per gallon (regular unleaded), which is three cents lower than last week’s average.

And for another week, Flagler drivers are seeing slightly higher average prices than Volusia, with the current average hovering around $2.58, which was Volusia’s average the week prior.

Once again, West Palm Beach-Boca Raton is seeing the highest average prices in the state at $2.69, which is two cents lower than last week. And the Orlando area is seeing the cheapest averages in the state at $2.48.

The current national average is $2.81, which is only a cent lower than last week’s.

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