Florida is leading the nation when it comes to gasoline price drops.
Florida had the biggest monthly price drop of any state in the U.S.: down 22 cents per gallon, according to the American Automobile Association (AAA). The state average price for gas declined for the 30th consecutive day on Sunday.
AAA attributes the plunging prices to big drops on the prices of crude and wholesale gasoline.
May's average of $2.68 per gallon in Florida was 6 cents less than April's. In Jacksonville, the average price for a gallon of regular on Monday is $2.49, with premium averaging $3.31.
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Florida drivers are now paying on average $2.57 per gallon. Sunday's average was 23 cents less than the highest daily average so far this year ($2.80) and 35 cents less than last year's high ($2.92).
“Crude oil and gasoline futures collapsed last week in reaction to the ongoing U.S.-China trade dispute and news of the Trump administration's plans to enact 5% tariffs on Mexican goods. Market watchers are concerned over how these issues could stifle long-term demand growth. As a result, Florida drivers should see another round of discounts at the pump this week," said AAA – The Auto Club Group spokesman Mark Jenkins in an email to WJCT News.
While prices are dropping, U.S. oil production is soaring.
At 12.3 million barrels per day, the U.S. is producing crude at record highs, and 16.5 percent more than this time last year, according to AAA.