It wasn’t very long ago that there was hope gas would drop below $3 a gallon by the end of the year. But could the unimaginable be possible instead? Could gas actually drop below $2 a gallon?
For 58 consecutive days, gas prices have dropped in Florida. And it’s not stopping anytime soon, especially after OPEC decided against cutting oil production to help stabilize gasoline prices.
“Drivers in southeastern states, such as Tennessee, may see a select few stations selling gas at or below $2 in the coming weeks,” AAA spokesman Josh Carrasco said, in a release. “The chances of gasoline averaging $2 per gallon are highly unlikely. Oil process would have to drop another $25 to $30 a barrel before we reach the $2 threshold.”
OPEC, which controls about 40 percent of the world’s oil, decided to continue production 30 million barrels of oil per day at a meeting in Vienna last week. That decision caused oil prices to nosedive, but not as much that would bring widespread $2 gasoline for the country.
West Texas Intermediate crude oil, the benchmark for the United States, fell $7.54 on Friday to $66.15 per barrel, AAA said. That’s the lowest close in five years.
“Oil production is outpacing demand,” Carrasco said. “The (United States) is the difference maker. Domestically, oil companies are producing over 9 million barrels a day, which is placing downward pressure on gasoline prices. Motorists should expect gas prices to fall throughout the holiday season.”
Gas in Florida on Sunday was $2.77 per gallon, down a nickel from a week ago, and 22 cents from this time in October. It’s down 69 cents from this time last year.
Taking a look at local gas prices, the RaceTrac station at State Road 52 and Silver Palm Boulevard reported the lowest gas prices in Land O’ Lakes on Sunday at $2.62, according to GasBuddy, while three other stations were posting the community’s highest gas prices at $2.79.
In Wesley Chapel, Sam’s Club on State Road 56 near Bruce B. Downs Boulevard regained its crown of having that community’s cheapest gas at $2.63, while the BP station at Willow Oaks Drive nearby has the most expensive reported gas at $2.79.
The Citgo station in Lutz was the cheapest in that area with posted prices of $2.66 at the North Dale Mabry Highway and Land O’ Lakes Boulevard location. Three other stations, like its neighboring communities, topped out at $2.79.
Zephyrhills had four stations selling gas at $2.64 per gallon, while the Citgo on County Road 54 and 20th Street had the most expensive at $2.71. In Dade City, gas prices ranged from $2.63 at two separate stations, to $2.69 at a Chevron at Fort King Road and Clinton Avenue.