Florida gas prices saw 18 cent jump last week

by | Jul 8, 2024

Florida gas prices surged by 18 cents per gallon leading up to Independence Day, reaching $3.53 per gallon, driven by concerns over hurricane activity in the Gulf Coast. 

Florida gas prices surged by 18 cents per gallon in the final days leading up to Independence Day, reaching an average of $3.53 per gallon on July 4.

This price hike is a significant increase compared to the same day last year, when drivers paid an average of $3.26 per gallon. However, it is still considerably lower than the average price of $4.54 per gallon seen in 2022.

“Florida drivers are now paying the most expensive gas prices in nearly two months,” Mark Jenkins, spokesman for AAA said. “Fuel prices face continued upward pressure on concerns about Tropical Storm Beryl, and economic data suggesting that the U.S. Federal Reserve could lower interest rates to boost growth.”

Tropical Storm Beryl, which made landfall over the Texas coastline as a Category 1 hurricane on Monday, can potentially impact nearly half of the fuel refining capacity in the United States. Florida relies heavily on gasoline supply from the Gulf Coast region, according to AAA.

Initial reports indicate that Beryl is not expected to cause significant disruptions to U.S. offshore oil-and-gas production. However, the full impact on fuel prices will likely not be known until several days after the storm passes.

Regionally, West Palm Beach recorded the highest prices at $3.67 per gallon, followed by Naples at $3.58 per gallon, and Homosassa Springs at $3.57 per gallon. Conversely, the least expensive markets were Crestview-Fort Walton Beach at $3.20 per gallon, Panama City at $3.22 per gallon, and Pensacola also at $3.22 per gallon. The national average sits at $3.50, as on Sunday.


%d bloggers like this: