Rising demand sends crude oil prices to 9-week highs
Florida gas prices are beginning to inch higher as Florida eases restrictions, causing a growing number of people to hit the road. Gasoline demand is now only 30 percent lower than a year ago, compared to the 50-75 percent deficit seen just weeks ago during the height of Florida’s stay-at-home order.
Gas prices in Florida increased last week - albeit slightly - for the first time in 10 weeks. After sinking to a 4-year low, the state average rose a penny to $1.77 per gallon. The state average is now 1-cent more than a week ago, yet 5 cents less than last month and 89 cents less than this time last year.
"Small increases at the pump will become a more common sight in the coming weeks, as Floridians hit the road to visit businesses and beaches," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The increased demand has cut into excess supplies which restores upward pressure on prices at the pump."
According to the EIA, US gasoline demand has climbed 40 percent in the past five weeks. Although US gasoline production increased (11 percent) last week, supplies declined (4 percent) during the past three weeks.
Growing fuel demand has restored optimism in the crude oil market. The price for US oil hit a 9-week high Friday - settling at $29.43 per barrel. Friday’s closing price was nearly 20 percent higher than the week before. Wholesale gasoline prices also jumped 6 cents per gallon during the past week.
- Most expensive metro markets – West Palm Beach-Boca Raton ($1.93), Gainesville ($1.92), Fort Lauderdale ($1.87)
- Least expensive metro markets – Jacksonville ($1.70), Pensacola ($1.70), Punta Gorda ($1.71)
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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About AAA - 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, banking, financial services, and travel offerings to over 13.5 million members across 13 U.S. states, the province of Quebec and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Tennessee, Wisconsin, Puerto Rico, South Carolina 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 60 million members in the United States and Canada 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.