The price of oil continued its downward slide with the average price of gas falling for 100 consecutive days in Florida. Gas prices fell another 7 cents last week, according to AAA.
The average price for gas in Florida is now $2.23 a gallon. One year ago, the price was $3.39 a gallon.
“The price of crude is continuing its downward slide due to excess supply and weak demand,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “If this continues, we could see prices below $2 by February.”
Sustained low prices for crude have the potential to impact domestic production, with both upstream and downstream companies reportedly beginning to reassess their plans moving forward.
Nationally, gas costs $2.14 a gallon; a barrel of oil dropped below $50 settling at $48.36 on Friday. That’s more than $50 less than last year.
