79ºF

AAA: Florida gas prices expected to drop for Thanksgiving week

photo

AAA experts forecast that Floridians will find the lowest Thanksgiving gas prices in two years this week.

Nearly 2.8 million Floridians are expected to travel this week for Thanksgiving. Of those, 2.5 million will drive.

By that time, the average price for gasoline will be less than last year's holiday, which was $2.47/g.

Gas prices in Florida dropped another 7 cents last week. At $2.50 per gallon, Sunday's average price in Florida is the the lowest since January, and only 6 cents more than the lowest price this year ($2.44). 

Click here to view AAA's state and metro gas price averages

  • Most expensive gas price averages: Panama City ($2.83), Crestview-Fort Walton Beach ($2.69), and West Palm Beach-Boca Raton
  • Least expensive gas price averages: Tampa-St. Petersburg-Clearwater ($2.33), Orlando ($2.36), and Punta Gorda ($2.38)

"Americans can be thankful for strong oil production and supplies, which have set the table for some of the lowest gas prices of the year," said Mark Jenkins, spokesman for AAA. "The state average should carve-off another 5 cents before Thanksgiving. Florida's average price should eventually reach $2.35 before fully adjusting to recent oil and wholesale gas price declines. However, there is potential for oil prices to rise in December, depending on how markets respond to possible OPEC oil production cuts and sanctions against Iranian oil exports."

Sub-$2 Gasoline?

Drivers are beginning to find sub-$2 gasoline at various filling stations in states with low gas taxes like Tennessee, Alabama and Louisiana.

But no states have average prices anywhere near $1.99 per gallon.

Oil prices would have to drop another $10-$15 per barrel, for sub-$2 gasoline to be prevalent, AAA says. 

The state with the lowest average price in the country today is Missouri ($2.28/g). 

  • The national average price for gasoline was last below $2 per gallon in March 2016
    • During that time, oil prices were in the high $30s
  • Florida's average price for gasoline was last below $2 per gallon in March 2016
    • During that time, oil prices were in the high $30s
  • Georgia's average price for gasoline was last below $2 per gallon in August 2016
    • During that time, oil prices were in the low $40s

Early last week, the U.S. benchmark for crude oil dropped to $55.69 per barrel -- the lowest since November 2017. By Friday, the daily settlement reached $56.46/b -- which is still about $4/b less than last week, and $20/b less than this year's high, set last month.


About the Author: