JACKSONVILLE, Fla. – Florida gas prices jumped again last week, according to AAA, reacting to gains in the futures market in the week before. In full, the state average rose 12 cents per gallon, reaching a new 2024 high of $3.62 per gallon.
Despite the recent increase, pump prices are following a similar trend to what drivers saw last spring. Sunday’s state average of $3.59 per gallon is 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 which was recorded on April 21.
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Factors contributing to upward pressure in the fuel market, according to AAA:
- 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, AAA - The Auto Club Group. “Analysts believe OPEC and its allies will not lift production cuts before June, even as seasonal fuel demand is projected to grow.”
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 is 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
