Florida gas prices reach yearly high point

by | Apr 1, 2024

Florida’s gas prices soared to a 2024 high of $3.62 per gallon, attributed to an increase in demand, seasonal refinery maintenance, the switch to costlier summer-grade gasoline.

Floridians are facing the highest gas prices of 2024, with the average cost per gallon jumping 12 cents last week to a new peak of $3.62, according to AAA.

The increase mirrors broader national trends influenced by fluctuations in the futures market and seasonal adjustments in consumer behavior and refinery production. Despite the rise, the current average cost largely follows a pattern observed last spring that marked an 11-cent increase from the same period last year.

The uptick is attributed to several factors, including heightened gasoline demand with the advent of warmer weather and spring break travels, ongoing seasonal refinery maintenance impacting gasoline production and supplies, the transition to the more expensive summer-grade gasoline, and a tight global oil supply situation. The latter is further exacerbated by geopolitical tensions, such as recent Ukraine drone attacks on Russian oil refineries, and OPEC+’s decision to extend production cuts to bolster oil prices.

“Fuel prices made modest gains in the futures market last week,” noted 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.”

The closing price for U.S. crude oil saw a 3 percent increase over the previous week, yet it settled at $83.17 per barrel on Friday, which was 30 cents below the highest price achieved in 2024, observed the preceding week. Meanwhile, gasoline futures closed the week unchanged from the week before.

Among surveyed metropolitan markets, West Palm Beach-Boca Raton reported the highest average gas price at $3.77 per gallon while Naples and Port St. Lucie recorded average prices of $3.69 and $3.65 per gallon, respectively.

Meanwhile, Pensacola, Crestview-Fort Walton Beach, and Panama City all boast the cheapest fuel prices at $3.22, $3.23, and $3.27 per gallon.


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