Rising crude oil prices caused the jump at the pump

22 September 2019

Florida gas prices surged as expected last week, after drone attacks on Saudi Arabia caused crude prices to spike. The state average leveled out over the weekend, after rising 10 cents last week. The price hikes ranged from 5 cents in Tallahassee to 13 cents in Tampa Bay. 

Florida drivers are now paying an average price of $2.50 per gallon. Despite last week’s 10 cent increase, the state average remains 30 cents per gallon less than this year’s highest daily price back in April.

The attacks on Saudi Arabia caused crude oil prices to surge by $8 per barrel on Monday. By mid-week, oil plummeted $4/b after Saudi Aramco announced the attacks would not cause an extended disruption in supply. Saudi Aramco says its entire output capacity should be fully restored by the end of September. Additionally, Saudi Aramco stated that crude oil exports to customers will continue by drawing on existing inventories and offering additional crude oil production from other fields. Tanker loading estimates from third-party data sources indicate that loadings at two Saudi Arabian export facilities were restored to the pre-attack levels – based on analysis by EIA. These efforts have helped crude prices to stabilize, and they are expected to continue stabilizing into next week.  

The price for WTI rose from $54.85 per barrel on September 13, to $62.90/b on Monday. It was back down to $58.11/b on Wednesday. On Friday, September 20, the price of crude settled at $58.09 per barrel. 

"The fact that crude prices didn’t hover above $60 per barrel is great news for drivers," said Mark Jenkins, spokesman, AAA The Auto Club Group. "The state average appears to have stabilized, which indicates prices may have fully adjusted to last weeks crude spike, though it’s possible there could be a delayed reaction at some retailers. Overall, the state average is in line with wholesale gasoline prices. Although fall gas prices typically trend lower, there remains upward pressure in the fuel market due to ongoing tensions between the US and Iran."

Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($2.60), Panama City ($2.58), Miami ($2.54) 
  • Least expensive metro markets – Jacksonville ($2.45), Tampa-St. Petersburg-Clearwater ($2.46), Punta Gorda ($2.46)

Florida vs Other States:

  • Florida has the 16th lowest average price in the US ($2.50). 
  • 24th largest weekly price increase (10 cents). Kentucky drivers saw the largest weekly increase (20 cents); Georgia had the third-largest (16 cents)
  • 12th largest monthly increase (10 cents). The largest monthly increase occurred in Ohio (17 cents); Georgia had the sixth-largest (15 cents)

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
(Price per gallon of regular unleaded gasoline)

Sunday Saturday Week Ago Month Ago One Year Ago

2019 High
(YTD)

2018 High Record High
National $2.668 $2.669 $2.565 $2.601 $2.852 $2.895 $2.97 (5/26/2018) $4.11   (7/17/2008)
Florida $2.495 $2.498 $2.399 $2.392 $2.722 $2.795 $2.92 (5/25/2018) $4.08   (7/17/2008)
Georgia $2.590 $2.593 $2.426 $2.441 $2.711 $2.735 $2.84 (5/27/2018) $4.16   (9/15/2008)
Click here to view current gasoline price averages


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 The Auto Club Group 
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.9 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 59 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.