Keep an eye on your local gas station. Coronavirus may cause prices to drop under $2
Will Florida gas prices drop to under $2 a gallon? It’s possible it could happen later this week for the first time in four years.
Coronavirus has led to lower global demand for jet fuel and gasoline, the AAA said.
As of Tuesday, there were 20 positive cases of COVID-19 in Florida along with 222 negative test results and 155 pending results, according to the Florida Department of Health. Four of the positive cases were found in Broward.
Crude and gasoline futures prices plummeted, hitting lows not seen since 2016. Two weeks ago, the price of crude traded for more than $53 per barrel. Sunday night, it was around $33 per barrel.
“At the rate fuel prices are falling on the stock market, Florida drivers could easily begin seeing sub-$2 gasoline this week,” AAA spokesman Mark Jenkins said.
AAA doesn’t know how long the price drop will hold or how low it will go as it depends on where stock market prices go from here.
As of Tuesday, Florida’s gas price average was $2.26 per gallon. Miami-Dade County is seeing an average price of $2.47, while Broward County’s prices are averaging $2.30, according to AAA. Gas is already hitting the $2.13 to $2.21 range in Central Florida.
This story was originally published March 10, 2020 at 11:56 AM.
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