Coronavirus Concerns Send Gas Prices Plummeting in Florida

Florida's gas prices may be about to get even lower as coronavirus concerns continue to impact demand for fuel. According to the American Automobile Association, prices could dip below $2 in some areas.

The global oil market is reeling due to lower demand for jet fuel and gasoline, leading to a significant drop in crude oil prices over the past two weeks. Crude oil prices have lost more than 20% in value since the end of last week.

OPEC and its allies failed to reach an agreement to cut oil production, which would have helped offset the falling demand. Instead, it appears that all parties will not extend their existing production cut agreement, leading to even more oil hitting the market at a time when demand is declining.