ORLANDO, Fla. — Florida drivers could soon receive a deep discount at the gas pump, according to AAA.
AAA said crude oil prices were slashed on Black Friday and unable to recover on Monday.
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The crude price cut was sparked by concerns about the emergence of a new strain of COVID-19 and the implications it could have on future fuel demand, AAA reported.
The price of U.S. crude dropped 13% on Friday. Friday’s closing price of $68.15 per barrel is the lowest daily price since Sept. 9.
During that time, the price of gasoline in Florida was teetering on $3 per gallon, AAA reported.
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AAA said crude prices were very erratic on Monday, reaching a high of nearly $73 before ultimately settling back down at $69.95 a barrel.
“Florida drivers should begin to see significant relief from the pain at the pump,” said Mark Jenkins, an AAA spokesman. “The recent drop in futures prices could potentially result in a discount of 20-25 cents per gallon, unless oil prices stage a quick comeback. But it’d be unusual for that discount to hit the pumps overnight. Gas prices normally rise like a rocket and fall like a feather. So it could take a couple of weeks before prices at the pump fully reflect the downturn in the futures market.”
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On Monday, Florida gas prices averaged $3.34 per gallon. It is 2 cents less than the 2021 high, $1.15 more than the 2021 low, and 90 cents more than this time in 2019, AAA reported.
Before 2021, Florida drivers hadn’t seen gas prices this high since September 2014, according to AAA.
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