Mobile, Ala. (WKRG) — AAA of Florida says gasoline prices in the state could go below $2 per gallon on the latest drop in crude oil prices.
The price of a barrel of oil dropped from $53 to $33 Sunday night, according to AAA. The agency says crude prices have been reeling during the past two weeks, as coronavirus concerns have led to lower global demand for jet fuel and gasoline.
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. What this means is even more oil hitting the market at a time that demand is falling.