TAMPA, Fla. — Gas prices nationwide are now averaging at 16-year lows, and they could be on the way to 20-year lows by this summer.
- Current Florida avg. price of regular gas per gallon: $1.80 (AAA)
- Current Tampa Bay avg. price of regular gas per gallon: $1.73 (AAA)
- 75 percent of Florida gas station have sub $2 price
In Florida, the price for a gallon of gas is around $1 less than this time last year, as restrictions continue because of Coronavirus.
The steep decline in prices began earlier this year when Russia increased crude oil output to flood the market, engaging in a price war with Saudi Arabia.
Coronavirus has further tanked demand as most people cancelled travel, are working from home and are generally staying off the road unless necessary.
We spoke with AAA Spokesperson Mark Jenkins who says usually lower gas prices spur people to travel more, however it may not play as a big of a role once restrictions are lifted.
“There’s a good possibility people could travel in droves and be out on the road", Jenkins said. "And then there’s that other possibility that people are a little bit hesitant, a little bit leery about being around other people. So only time can tell how this is going to play out. “
Whatever does happen, experts say don’t expect to see a big surge in prices at the pump when the country does reopen.
It will likely be a slow climb back to the prices we saw pre-Coronavirus.