Florida gas prices could go even lower in coming weeks, according to a report by American Automobile Association. Experts believe prices could even dip below $2 in some areas.
Crude oil prices have been reeling during the past two weeks, as coronavirus concerns have led to lower global demand for jet fuel and gasoline.
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OPEC and its allies met on Friday in hopes of cutting oil production to offset the dipping demand. Not only did they not make a deal, it now appears that all parties will not extend their existing production cut agreement.
This means even more oil is hitting the market at a time that demand is falling. By the end of Friday, crude had lost more than 20 percent in value.
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Late Sunday night, fuel markets were dealt another heavy blow. Crude oil plummeted an additional 20 percent on the expectation that Saudi Arabia plans to boost production and begin a price war with Russia.