Crude oil prices have now reached 18-year lows, giving motorists a growing break at the pump in the midst of the coronavirus crisis.
Jacksonville, which is one of the lowest priced markets in the state, has seen prices dip below $1.80 a gallon for regular gas.
Monday morning there were at least 10 Jacksonville stations selling gas for less than $1.80, with two selling gas for $1.74.
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AAA is predicting the state average for gas in Florida will fall below $2 a gallon later this week for the first time since March 2016.
"At this point, drivers do not need to rush out to the pump to fill up their tanks," said AAA spokesman Mark Jenkins in an email to WJCT News. "Gas prices will continue to fall this week, and supplies themselves to do not appear to be a concern.”
Gas prices have been plummeting ever since Saudi Arabia announced plans earlier this month to flood the market with oil after it failed to reach an agreement on production cuts with the rest of OPEC and Russia. That’s been compounded by a drop in demand by the spread of the coronavirus.
"Fuel prices have suffered a historic collapse during the past month," Jenkins said, adding, “If wholesale gasoline prices do not recover soon, Florida drivers could eventually pay $1.50 per gallon or less; a threshold that has not been reached since December 2003."
Bill Bortzfield can be reached at bbortzfield@wjct.org, 904-358-6349 or on Twitter at @BortzInJax.
