Gas demand in Florida’s major metro areas is down by as much as 50%, according to AAA - The Auto Club Group, as drivers are urged to stay at home to stop the spread of COVID-19.
In Jacksonville, WJCT News spotted a gallon of regular going for just under $1.50 on Saturday, although by Sunday the price had increased.
On Monday morning the average price for a gallon of regular in Jacksonville was $1.85. The statewide average was $1.97, according to AAA.
A check of WJCT’s gas prices page Monday morning showed prices below $1.70 at several stations around town.
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At least one analyst believes prices haven’t hit rock bottom yet.
"The cost for gasoline has dramatically declined in the past month, and there are even more discounts to come," said AAA spokesman Mark Jenkins in an email to WJCT. "If the state average eventually drifts below $1.73, pump prices would be the lowest since 2009. That may not be a difficult benchmark to reach. If wholesale prices hold at current levels, the state average could eventually sink below $1.60 per gallon.
Jacksonville is tied with The Villages for the least expensive gas in Florida right now, according to AAA, with Gainesville's gas the most expensive at $2.17.
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.
Bill Bortzfield can be reached at bbortzfield@wjct.org, 904-358-6349 or on Twitter at @BortzInJax.
