Prices at the pump are off to their lowest start to the month of January since 2016. Gas prices in Florida dropped another 4 cents last week. The state average has now declined nearly 70 cents since October.
Florida drivers are now paying an average of $2.13 per gallon, the lowest daily average price since November 2016. Compared to last Memorial Day, when the state average peaked at around $2.92 per gallon, drivers are now saving an average of nearly $12 for a 15-gallon tank of gas.
Florida gas prices last year averaged $2.65 per gallon. That was almost 30 cents more than 2017, and the highest annual average since 2014. Based on these figures, if a Florida driver bought a 15-gallon tank of gas, every week in 2018, they would’ve spent an average total of $2,067 on gasoline last year. That total cost is $218 more than what they would’ve spent on gasoline in 2017.
Most expensive gas price averages: Panama City ($2.46), Miami ($2.32) and Crestview-Fort Walton Beach ($2.31). Least expensive gas price averages: Tampa-St. Petersburg-Clearwater ($2.01), Melbourne-Titusville ($2.01) and The Villages ($2.01).
The national average price for gasoline is $2.24 per gallon, which is the lowest daily average since July 2017. On average, Americans are paying 67 cents per gallon less than they did three months ago, amounting to a savings of $10 for a full 15-gallon tank of gasoline.
Government data suggests that fuel prices in 2019 will be lower than last year. The latest Short Term Energy Outlook from the U.S. Energy Information Administration has WTI crude averaging $54 per barrel in 2019. That’s $11 per barrel less than last year’s average for WTI ($65.23/b). An $11 difference in oil prices suggests a 27.5 cent discount at the pump.
In 2018, U.S. gas prices averaged $2.72 per gallon. AAA expects that average to land somewhere in the $2.50s this year.