Gas prices will likely fall below $2 per gallon this week, AAA says

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The American Automobile Association, more commonly known as AAA, says that it is likely that gas prices will fall below $2 per gallon in some markets this week.

They said that gas prices statewide are expected to decline this week, as crude and gasoline prices suffer an intense drop. Crude prices have been reeling for the last couple weeks, as coronavirus concerns caused lower global demand. On Friday, OPEC and its allies reportedly met to cut oil production, attempting to offset the dipping demand. However, they did not reach a deal and all parties will not extend their existing production cut agreement.

Therefore, AAA says that more oil will hit the market as demand continues to fall, losing value. 

These matters were made worse as Saudi Arabia and Russie engaged in a price war, they added. 

MORE NEWS: Dow plunges nearly 1,900 points before being halted, oil crashes as price war erupts

"At the rate fuel prices are falling on the stock market, Florida drivers could easily begin seeing sub-$2 gasoline this week," said Mark Jenkins, AAA spokesman. "The only potential upward pressure on pump prices is spring maintenance season. If the state average eventually drops below $2 per gallon, it would be the first time in four years. How long this holds or how low prices go will rely on where stock market prices go from here."

Florida's average gas price on Sunday was $2.28 per gallon, which AAA says is 7 cents less per gallon than a week and the lowest daily average since February 2019. The least expensive markets are Orlando, Jacksonville, and The Villages, while the most expensive markets are West Palm Beach, Gainesville, and Panama City.

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