AAA: Gas Prices the Highest that Florida has Seen in Almost Three Years

A new report from AAA shows that Florida drivers are paying, on average, more than $2.90 a gallon, the highest since May 2018.

AAA released a study on Sunday showing the average gallon of gas in Florida cost $2.91 to start the week, above the national average of $2.89 a gallon and four cents higher than the start of last week.

“Just during the month of March, the state average has increased a total of 30 cents. The upward trend was largely driven by tightening global crude supplies and market optimism that widespread vaccinations will boost fuel demand. One of the biggest influencers on rising gas prices – during the past month – has been the tightening supply of gasoline after winter weather caused power outages to a group of refineries in Texas,” AAA noted.

“The good news for motorists is that gas prices could soon begin to slip lower,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “Weekly EIA data suggests that refinery operations are improving and gasoline supplies are increasing. Wholesale gasoline prices dropped nearly 20 cents last week. It’s unlikely that drivers will see such a dramatic swing at the pump, but it’s an indication that lower prices should be on the way.”

AAA pointed to other factors which could lower prices this week.

“Another factor promoting lower pump prices is the declining price of crude oil. US crude (WTI) declined 10 percent last week amid renewed global demand concerns. After several countries announced the suspension of the Oxford/AstraZeneca’s COVID-19 vaccine, market speculators worry that this will slow the pace of vaccinations, stalling the global recovery in fuel demand. The price of crude settled at $61.42 per barrel on Friday, after hitting a 2-year high of $66.09/b two weeks ago,” AAA noted.

The West Palm Beach-Boca Raton area had the most expensive gas in the state with an average of $3.01 a gallon followed by the Fort Lauderdale and Miami markets at $2.93 a gallon.

Punta Gorda had the least expensive gas in the state at $2.86 a gallon followed by the Crestview-Fort Walton area at $2.87 a gallon and Pensacola at $2.88 a gallon.

 

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