Florida gas prices set a new 2020 low

Jacksonville, FL — Gas prices have fallen well below $2.00 a gallon in many areas of NE Florida. AAA says 11% of Florida filling stations have sub-$2 gasoline. And that number is sure to rise in the coming days.

"Low pump prices are likely to get even lower this week," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The combination of the coronavirus and the ongoing price war between Saudi Arabia and Russia are contributing to some of the lowest futures prices since the Great Recession. Oil prices plunged early last week after Saudi Arabia pledged to flood the market with oil. As oil prices bottomed at around $33, gasoline futures continued to fall throughout the week. The effects of the coronavirus snowballed. Cancelled flights and large events, school closures, and companies asking employees to work from home lead to less fuel demand."

Florida gas prices dropped an average of 22 cents in the past 18 days.  Jenkins says retail prices are still catching up to big drops in wholesale and gasoline futures prices. Unless those prices suddenly bounce back, it's likely that the state average will soon dip below $2 a gallon.

Jacksonville is listed as one of the least expensive metro markets in Florida, with an average of $2.05 for unleaded.