Crude oil prices jumped 5% on concerns that global fuel supplies will not keep pace with recovering demand
Florida gas prices could increase this week, as optimism about rising global fuel demand sends crude oil prices to multi-year highs.
The price of crude rose five percent last week. The price for US crude (WTI) settled at $69.62 per barrel on Friday, the highest daily settlement since October 2018. Gasoline futures also increased three percent.
"Rising crude oil and gasoline futures will likely drag retail gasoline prices higher this week," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Based on the shift in wholesale gasoline prices, Florida’s state average could rise a minimum of 5-10 cents this week."
Fuel prices are rising as optimism grows over the reopening of economies around the globe, and how that will promote stronger fuel demand. Meanwhile, market watchers are concerned that fuel supplies will not be able to keep pace.
Over the weekend, Florida gas prices averaged $2.85 per gallon. The state average is nearly 2 cents less than a week ago, and 3 cents less than this time last month.
Pump prices remain 6 cents less than the highest price - so far this year - of $2.91 per gallon, recorded in late March. Visit GasPrices.AAA.com to view daily average gas prices.
- Most expensive metro markets – Panama City ($3.05), West Palm Beach-Boca Raton ($2.99), Tallahassee ($2.99)
- Least expensive metro markets – Punta Gorda ($2.75), Orlando ($2.78), Tampa-St. Petersburg, Clearwater ($2.79)
Find Florida Gas Prices
- Daily gas price averages can be found at Gasprices.aaa.com
- State and metro averages can be found here
AAA GAS PRICE AVERAGES
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Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
About AAA - The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.