Florida gas prices average 6 cents more than what drivers paid in March
Florida gas prices increased as projected in last week’s AAA Gas Price Brief. The state average jumped 12 cents last week, following significant gains in the prices of crude oil and gasoline futures, as the recovery in global fuel demand outpaces supply.
Florida drivers are now paying the most expensive prices at the pump since November 2014. The state average of $2.97 per gallon is 12 cents more than a week ago, 7 cents more than a month ago, and 44 cents more than this time in 2019. Pump prices are now averaging 6 cents more than the previous 2021 high - set back in March. It is also 5 cents more than the highest price in 2018.
"It now costs $2 more to fill an average-sized 15-gallon gas tank, than it did a week ago," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Fortunately, futures prices flattened out last week, so drivers should not face another round of rising prices this week."
- Most expensive metro markets – West Palm Beach-Boca Raton ($3.08), Panama City ($3.06), Tallahassee ($3.02)
- Least expensive metro markets – Punta Gorda ($2.93), Orlando ($2.94), Jacksonville ($2.94), Fort Myers-Cape Coral ($2.94), Tampa Bay ($2.96)
EIA Forecast: Crude Oil Production to Rise then Drive Down Prices
EIA Crude Oil Forecast
The recent jump at the pump has largely been driven by the rising price of crude. EIA forecasts in the June release of its Short-Term Energy Outlook (STEO) that global crude oil prices will stabilize in mid-2021, then average $8 per barrel less in 2022.
“In the coming months, we expect global oil production to catch up with the increases we’ve seen in demand in 2021,” said EIA Acting Administrator Stephen Nalley. “U.S. and global oil producers are increasing their production, which should help moderate oil prices that have increased significantly as global economic concerns about the COVID-19 pandemic have begun to ease.”
- The EIA expects global petroleum consumption to grow by 6% in 2021 and increase another 4% in 2022.
- In response to this increase in global demand, the EIA expects domestic and global oil production will increase - in the coming months - to match rising levels of global oil consumption and contribute to declining oil prices.
- The rising oil production in the forecast is largely a result of the OPEC+ decision to raise production.
- The EIA also expects US producers to drill and complete enough wells to raise 2022 production from 2021 levels.
- US crude production is still 17% below pre-pandemic levels. Before the pandemic, US crude production was roaring at 13.1 million barrels per day. When demand plummeted last year, production levels plunged 25% to 9.7 million b/d. The latest weekly readings from the EIA show US crude production levels at around 11 million bpd.
EIA Gas Price Forecast
- The EIA expects U.S. regular retail gasoline prices to average $2.92 per gallon (nationwide) for the summer driving season, which runs April through September. They expect monthly average gasoline prices this summer to peak in June, then decline 25 cents by September.
- U.S. gasoline consumption is forecast to average 9.1 million barrels per day (b/d) this summer (April–September), which is 1.3 million b/d more than last summer but still more than 0.4 million b/d less than summer 2019.
- Higher prices and more gasoline consumption would result in the average U.S. household spending about $570 (38%) more on motor fuel in 2021 compared with 2020.
Find Florida Gas Prices
- Daily gas price averages can be found at Gasprices.aaa.com
- State and metro averages can be found here
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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
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