Gas prices in Florida shot up by last week to $3.48 per gallon Friday — 10 cents more than the week prior and a new 2024 high, according to AAA — The Auto Club Group.
By Monday morning, the price had fallen a cent to $3.47. But the respite may not last, AAA spokesperson Mark Jenkins said in a statement.
"The jump at the pump may not be over yet," he said. "Drivers may be in line for another round of rising prices, after gasoline and crude oil futures rose to new 2024 highs last week."
The U.S. price of crude oil rose 4% last week, reportedly due to concerns about Ukraine's attacks on Russian refineries. Crude's closing price of $81.26 per barrel on Thursday was the highest since Halloween.
Gasoline futures, meanwhile, rose 19 cents last week, reportedly because of lower-than-expected weekly gas supply numbers. They finished 11 cents higher than the previous 2024 high.
Other contributing factors to rising gas prices, which are common in the Spring, include seasonal refinery maintenance, a switch to pricier summer blend gasoline and higher fuel demands in March as residents hit the road with Spring Breakers and Winter residents.
The most expensive metro market for gas in Florida is the West Palm Beach-Boca Raton area, where motorists are paying $3.65 per gallon on average, followed by Naples ($3.53) and Fort Lauderdale ($3.53).
The cheapest fuel is in Panama City, where drivers and motorcyclists are shelling out $3.24 per gallon, followed by the Crestview-Fort Walton Beach area ($3.26) and Pensacola ($3.28).
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