State sees gas prices at 17-month low

Falling prices save drivers $9 per fill-up, $200 million per day

Call it an early Christmas gift — or at least enough money to buy a stocking stuffer.

Falling gasoline prices in Florida are saving consumers about $9 with each fill-up compared with the 2018 fuel price peak in May, according to the AAA auto club.

Orlando remains in second place when it comes to the lowest average fuel price in the state, with a gallon of regular, self serve at $2.17. Tampa is a penny less at $2.16. The statewide average is $2.34, the lowest it’s been since August 2017.

Customers fueling up in Central Florida on Monday morning felt the joy.

Apopka real estate agent Danette Arroyo had half a tank of fuel in her Honda Fit but pulled into an Orlando Wawa station anyway. The price for half a tank? Just more than $11.

Fueling the drop is a deep dive in the price crude oil to near $50 a barrel.

“Plunging oil prices have made gasoline far less expensive to produce,’’ said AAA spokesman Mark Jenkins.

“Oil prices sank to 14-month lows, because there’s so much oil in the global market and not enough demand to absorb it.’’

Jenkins warned, however, that OPEC and Russia this week are meeting to discuss cutting production, which could lead to a

spike in prices if that happens.

Patrick DeHaan, head of petroleum analysis for GasBuddy, which surveys fuel prices nationwide as well, said at least one gas station in 27 states is offering gasoline at $1.99 per gallon or less.

He estimated that the 2018 drop in prices has kept “nearly $200 million in the pockets of Americans every single day acting as an economic stimulus ahead of the holidays.”

So how did we get here? A huge surge in domestic production of oil and gasoline also has played a part.

Here’s a look at some of the stats, all according to AAA:

Domestic crude oil production remains at a recordhigh 11.7 million barrels per day. That’s 21 percent more than last year.

Domestic oil supply increased for the 10th consecutive week. Supply levels are the highest since this time last year, nearly 5 percent stronger than a year ago.

There’s so much U.S. oil flowing that exports of crude and refined fuels reached a new all-time high last week of 8.7 million barrels per day.