Gas prices continued to rise across Florida last week, according to a new report from AAA.
The average gallon of gas in Florida cost $2.40 on Sunday, up 10 cents from the start of last week and matching the national average. This is the highest price at the pump in Florida over the past 11 months.
“Gas prices have been dragged higher by crude oil prices which remain at 11-month highs,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group, on Sunday. “The gas price hike has likely hit its ceiling for now, as oil prices seemed to plateau last week. Despite optimism for the COVID-19 vaccine, crude prices slipped last week due to rising cases of coronavirus in two of the largest fuel consumers in the world: the United States and China.”
“According to the Energy Information Administration, US crude supplies increased nearly 1-percent. At the same time, gasoline production jumped 18 percent, while gasoline demand rose almost 10 percent,” AAA noted. “Through most of December, US crude oil traded for around $47 per barrel. Now oil prices are around $52 per barrel. The increased price of oil drives up the cost of producing gasoline.”
The West Palm Beach-Boca Raton area had the most expensive gas in the state with an average of $2.51 a gallon followed by both Fort Lauderdale and Port St. Lucie at $2.43 a gallon.
Panama City had the least expensive gas in Florida at the start of this week with an average of $2.32 a gallon followed by the Crestview-Fort Walton Beach area at $2.33 a gallon and Pensacola at $2.34 a gallon.