Florida gas prices are poised for another week of declines after big drops on the stock market. The prices of crude and wholesale gasoline plunged last week, which should deliver another round of discounts at the pump.
The state average price for gasoline in Florida declined for the 30th consecutive day on Sunday. Florida had the biggest monthly price drop compared to any other state in the U.S., with a total discount of 22 cents per gallon during that time. Arizona, by contrast, is well over $3 a gallon.
May gas prices were the lowest for the month in two years. The monthly average of $2.68 per gallon in Florida was 6 cents less than the monthly average in April 2019. Gas prices in May 2019 averaged 14 cents less than the average price in May 2018, yet 34 cents more than the average price in May 2017. Florida drivers are now paying an average price of $2.57 per gallon. The state average is 4 cents less than a week ago, 22 cents less than last month, and 30 cents less than a year ago.
Sunday’s Florida average 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, AAA-The Auto Club Group.
The price of oil dropped more than $5 a barrel on the NYMEX last week. WTI settled at $53.50/b on Friday, the lowest daily settlement since February. The highest price so far this year was $66.30 per barrel, just six weeks ago. Meanwhile, gasoline futures dropped 13 cents last week, combining for a total decline of 24 cents during the past two weeks.
Domestic oil production rates are soaring. At 12.3 million barrels per day, the U.S. is producing crude at record highs, and 16.5 percent more than this time last year. Meanwhile gasoline production in the U.S. is up 1-percent from a year ago. Gulf Coast refineries are running especially strong, processing crude at rates well above year-ago levels.
Most expensive metro markets West Palm Beach-Boca Raton ($2.69), Panama City ($2.68) and Miami ($2.66)
Least expensive metro markets Orlando ($2.48), Tampa-St. Petersburg-Clearwater ($2.49) and Melbourne-Titusville ($2.49)
10th in the nation with most expensive average daily gas price ($2.57)
6th in the nation for largest weekly change (-4 cents)
First in the nation for largest monthly change (-22 cents)