Crude oil prices surge to 11-month high
Florida gas prices increased by more a dime last week. Florida drivers are now paying nearly $2.30 per gallon at the pump.
"Florida drivers are now finding some of the highest prices at the pump since March 2020," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Prices are still being propped up by continued optimism in the fuel market, because of the long-term hopes that a vaccine will help struggling demand recover. Also motivating the market is Saudi Arabia’s agreement to cut crude oil production, which helped drive oil prices to an 11-month high."
Oil prices are a significant driver of the price of gasoline. Last week, crude oil reached the highest price since February. Friday’s daily settlement of $52.24 per barrel was up nearly $4/b (8%) from the week before. The increase comes as Saudi Arabia announced a one million barrel per day production cut - representing 1% of global supply for the month of February. This move is designed to help balance supply and demand, and bolster prices.
Florida gas prices averaged $2.30 per gallon on Sunday. The state average is 11 cents more than last week and 16 cents more than last month. Even still, Florida drivers are paying 21 cents per gallon less than this time last year.
- Most expensive metro markets – West Palm Beach-Boca Raton ($2.41), Port St. Lucie ($2.33), Sebastian-Vero Beach ($2.33)
- Least expensive metro markets – Crestview-Fort Walton Beach ($2.24), Panama City ($2.24), Tallahassee ($2.25)
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 60 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.