AAA released a report this week as Florida gas prices reached the highest they have been since July 2014.
Last week, the cost of the average gallon of gas in Florida increased 12 cents a gallon for the second week in a row.
On Sunday, the average gallon of gas in Florida cost $3.47, the highest it has been since the summer of 2014 and above the national average of $3.44 a gallon.
“Unfortunately it looks like the pain at the pump may continue to worsen, after oil prices saw another strong round of gains last week,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “The upward momentum in crude prices has been driven by geopolitical concerns related to Russia, cold weather and underwhelming global crude output. The price of crude rose $6 last week, which if sustained, could trigger another 10-15 cent hike at the pump in the coming weeks.”
“On Friday, the U.S. price for crude oil settled above $90 a barrel for the first time since October 2014. Friday’s settlement of $92.1 per barrel is $5.49/b more than the week before, and $7.66/b more than last year’s high,” AAA noted. “Since oil is a key ingredient in gasoline, the price of oil influences about half the total price of what drivers pay at the pump. So far this year, the U.S price for crude oil has risen 21 percent. That $16 increase in crude is the equivalent of a 40 cent swing in gasoline prices. So far this year, gas prices have risen 27 cents, which means pump prices may rise another 13 cents before fully adjusting to the latest oil price hike.”
“Drivers who want to maximize their money at the pump should consider paying in cash, as some retailers charge extra for credit card users,” Jenkins said. “You may also want to enroll in fuel rewards programs like the one from AAA, which saves members 5 cents per gallon during each fill-up. From there, you can maximize your fuel economy by ensuring your vehicle is properly maintained, combining errands, and slowing down. Gas mileage decreases rapidly at speeds above 50 miles per hour.”
The West Palm Beach-Boca Raton area had the most expensive gas in the state with an average of $3.60 a gallon followed by Naples and Port St. Lucie at $3.51 a gallon.
The Crestview-Fort Walton Beach area had the least expensive gas in the state with an average of $3.27 a gallon followed by Pensacola at $3.29 a gallon and Panama City at $3.30 a gallon.
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