Last week was a crazy week for oil.
A global shortage in demand means there is a huge supply and pretty much nowhere to even store it all.
It's bad news for oil companies as at one point May estimates were trading in the negatives, but it's good news in the short term for consumers, as gas prices are way down.
In Florida, gas prices have reached 4-year lows at $1.78 per gallon as the state average.
The state average declined 3.5 cents last week and is nearly a $1 per gallon cheaper than a year ago. Florida gas prices have declined 64 cents since February 20.
"Gas prices face continued downward pressure from extremely low demand, as residents are urged to stay home to stop the spread of coronavirus," said Mark Jenkins, spokesman for AAA - The Auto Club Group. "The low demand has made it less profitable to pump oil and convert it to gasoline and jet fuel. Refiners are now having to make difficult decisions to either reduce output or close plants in attempt to lower gasoline supplies to match demand."
However, with stay-at-home orders still in effect, most people aren't out and about to take advantage of the low prices.
