AAA released a report this week showing Florida gas prices are being dragged higher by the rising price of oil.
The U.S. price for crude increased 6 percent last week, as global supplies struggle to meet demand, with the average gallon of gas costing $3.22 in Florida on Tuesday, up three cents from the start of last week but below the national average of $3.31 a gallon.
“The arrow appears to be pointing up for oil prices, which means gas prices are likely to get more expensive,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “The oil market is bullish on global supply concerns as various members of OPEC+ have reportedly struggled to meet production goals.”
“Crude oil prices are critical to what drivers pay at the pump. About half of the price of gasoline is based on the price of oil; that’s because oil is a key ingredient in gasoline,” AAA noted. “In 2021, oil prices rose as much as 78 percent, leading to a total increase of $1.17 per gallon at the pump. Although oil prices cooled off toward the end of 2021, they have opened the year strong, shooting right back up to where they were before Thanksgiving. So far this year, the U.S. price for crude has increased 10 percent – going from $76.08 per barrel, back up to Friday’s settlement of $83.82.”
That being the case, AAA expects Floridians to be paying more at the pump.
“Based on last week’s oil price hikes, drivers could soon see another round of rising prices,” Jenkins said. “It’s unclear how much of an increase to expect, but the last time oil prices were this high, the state average was above $3.30 per gallon.”
The West Palm Beach-Boca Raton area had the most expensive gas in the state with an average of $3.41 a gallon followed by Naples at $3.29 a gallon and Fort Lauderdale at $3.27 a gallon.
The Crestview-Fort Walton Beach area had the least expensive gas in the state with an average of $3.10 a gallon followed by Pensacola at $3.11 a gallon and Panama City at $3.14 a gallon.
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