ORLANDO, Fla. – Florida gas prices jumped 12 cents per gallon last week, reaching a new 2024 high.
The average price of a gallon of gasoline reached $3.62 as the industry reacted to gains in the futures market, according to AAA.
Pump prices are following a similar trend to what drivers saw last spring. Sunday’s state average of $3.59 per gallon was 11 cents more than what drivers paid this time last year. However, the current price is below last year’s springtime high of $3.72, recorded on April 21.
Factors contributing to upward pressure in the fuel market:
- Gasoline demand strengthens in the spring as temperatures rise and Americans travel for spring break.
- Refineries are conducting seasonal maintenance, which can affect gasoline production and/or supplies.
- Summer gasoline is moving into the market, which is more expensive to produce.
- The global oil supply market is tight. Although the United States is producing oil at record levels again, OPEC+ extended production cuts to lower global supplies and prop-up oil prices.
- Geopolitical tensions fuel global demand concerns, after recent Ukraine drone attacks on Russian oil refineries.
“Fuel prices made modest gains in the futures market last week,” said Mark Jenkins, spokesman for AAA. “Analysts believe OPEC and its allies will not lift production cuts before June, even as seasonal fuel demand is projected to grow.”
Brad Mustain and his family were visiting Orlando from North Carolina and said he wasn’t surprised to see the high prices at the pump.
“It’s one of those things no matter what the price is, you’re going to pay it. You got to get from A to B, but it definitely cuts back on the money you can spend at the other attractions here,” Mustain said.
Chip Henson drives from St. Cloud to Orlando for work almost every day.
On Monday, he spent $50 on gas for his Kia Soul and explained that it won’t be enough to get him through the entire week.
“What happened? That’s what it basically boils down to is, what happened?” Henson said.
The U.S. price of crude finished the week 3% stronger than the week before. However, Friday’s closing price of $83.17 per barrel was 30 cents less than the 2024 high, recorded a week earlier. Meanwhile, gasoline futures also finished the week in line with the prior week.
Visit GasPrices.AAA.com to view state and local average gas prices
Regional prices
- Most expensive metro markets – West Palm Beach-Boca Raton ($3.77), Naples ($3.69), Port St. Lucie ($3.65)
- Least expensive metro markets – Panama City ($3.22), Crestview-Fort Walton ($3.23), Pensacola ($3.27)
Ways to save on gasoline
- Combine errands to limit driving time.
- Shop around for the best gas prices in your community.
- Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
- Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
- Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
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