Thanks to a sharp rise in oil prices, gas prices in Florida have risen in recent days and are the highest they have been in 11 months.
AAA released a study on Sunday which showed the average gallon of gas in Florida cost $2.30 at the start of this week, up from $2.19 at the start of last week and just under the national average of $2.31.
“Florida drivers are now finding some of the highest prices at the pump since March 2020,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “Prices are still being propped up by continued optimism in the fuel market, because of the long-term hopes that a vaccine will help struggling demand recover. Also motivating the market is Saudi Arabia’s agreement to cut crude oil production, which helped drive oil prices to an 11-month high.”
AAA pointed to surging oil prices after Saudi Arabia lowered its supply.
“Oil prices are a significant driver of the price of gasoline,” AAA noted. “Last week, crude oil reached the highest price since February. Friday’s daily settlement of $52.24 per barrel was up nearly $4/b (8 percent) from the week before. The increase comes as Saudi Arabia announced a one million barrel per day production cut – representing 1 percent of global supply for the month of February. This move is designed to help balance supply and demand, and bolster prices.”
The West Palm Beach-Boca Raton area had the highest prices in the state with an average of $2.41 a gallon followed by Port St. Lucie and the Sebastian-Vero Beach market which both saw an average of $2.33 a gallon.
The Crestview-Fort Walton Beach area and Panama City had the least expensive gas in the state with an average of $2.24 a gallon followed by Tallahassee at $2.25 a gallon.