ORANGE COUNTY, Fla. – Florida gas prices surged upward last week, with the state average climbing by 10 cents to hit a new 2024 peak of $3.48 per gallon on Friday, according to AAA.
Sunday’s state average ticked down slightly, standing at $3.47 per gallon.
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Mark Jenkins, spokesperson for AAA, cautioned that the recent spike at the pump might not be the end of it.
“Drivers may be in line for another round of rising prices,” he said in a news release, pointing to increases in gasoline and crude oil futures that reached new 2024 highs last week.
The U.S. price of crude oil witnessed a 4% surge over the week, attributed to concerns arising from Ukraine’s attacks on Russian refineries.
Thursday’s closing price of $81.26 per barrel marked the highest since Halloween.
Simultaneously, gasoline futures experienced a notable 19-cent jump, going 11 cents above the previous 2024 high.
Reports suggest that the increase stems from weekly domestic gasoline supply figures falling short of market expectations, according to the release.
The onset of spring typically sees a rise in gas prices, with March witnessing some of the highest fuel demand figures of the year.
This demand surge is further heightened as residents share the road for spring break,
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