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AAA: Oil Price Plunge Should Deliver Relief From Rising Gas Prices

MIAMI (CBSMiami) -- Florida drivers could soon receive deep discounts at the gas pump. Crude oil prices were slashed on "Black Friday" and unable to recover on Monday. The crude price cut was sparked by concerns about the emergence of a new strain of COVID-19 and the implications it could have on future fuel demand.

Friday, the price of U.S. crude dropped 13%, finishing the week 10% lower than the week before. Friday's closing price of $68.15 per barrel is the lowest daily price since September 9, 2021. During that time, the price of gasoline in Florida was teetering on $3 per gallon.

Yesterday, crude prices were very erratic, reaching a high of nearly $73 before ultimately settling back down at $69.95/b.

"Florida drivers should begin to see significant relief from the pain at the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The recent drop in futures prices could potentially result in a discount of 20-25 cents per gallon, unless oil prices stage a quick comeback. But it'd be unusual for that discount to hit the pumps overnight. Gas prices normally rise like a rocket and fall like a feather. So it could take a couple of weeks before prices at the pump fully reflect the downturn in the futures market."

On Monday, Florida gas prices averaged $3.34 per gallon. That's 2 cents less than the 2021 high, $1.15 more than the 2021 low, and 90 cents more than this time in 2019. Before 2021, Florida drivers hadn't seen gas prices this high since September 2014.

Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($3.49), Naples ($3.38), Fort Lauderdale ($3.38)
  • Least expensive metro markets – Crestview-Fort Walton Beach ($3.22), Pensacola ($3.25), Panama City ($3.27)
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