Gas prices in Florida reached a new high for 2024 at $3.64 per gallon last Wednesday, driven by volatile oil markets affected by geopolitical tensions and OPEC production cuts.

Gas prices in Florida surged to a new peak for 2024 last Wednesday, hitting $3.64 per gallon before dipping to $3.58 per gallon on Sunday.

This week’s figure is a slight increase from last month’s average, up by 2 cents, but still shows a decrease of 14 cents from the same period last year, where the peak was $3.85 per gallon.

“Volatility in the oil market has greatly contributed to rising prices at the pump in recent weeks,” said Mark Jenkins, spokesman, AAA. “Oil prices have been reacting to rising geopolitical tensions between Israel and Iran, and OPEC’s decision to extend production cuts, in effort to crimp global fuel supplies.”

The price of oil averaged $75 per barrel in the first quarter of the year but has since increased to nearly $84 per barrel since mid-March. This surge in oil prices has maintained the state’s gas prices above $3.50 per gallon.

During the first quarter of the year, oil prices averaged around $75 per barrel. Since mid-March, however, this average has climbed to nearly $84 per barrel. Concurrently, Florida’s average gas prices have generally remained above $3.50 per gallon.

In 2023, Florida’s gasoline prices peaked at $3.85 per gallon, corresponding with oil prices nearing $94 per barrel. In 2022, the state’s average gasoline prices reached an all-time high of $4.89 per gallon, at a time when oil prices soared to $123.70 per barrel.

Among surveyed metropolitan markets, West Palm Beach-Boca Raton reported the highest average gas price at $3.77 per gallon while Naples and Homosassa Springs recorded average prices of $3.71 and $3.65 per gallon.

Conversely, the least expensive areas include Crestview-Fort Walton Beach at $3.29, Panama City at $3.31, and Pensacola at $3.32 per gallon.