- January 16, 2025
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by: Mark Jenkins
Spokesman, AAA - The Auto Club Group
Florida gas prices are slightly higher than a week ago. The state average of $3.18 per gallon is a half-cent more than this time last week.
Although gas prices held relatively steady last week, another increase could be on the way. Crude and gasoline futures prices rose again last week, setting new 2021 highs. The price of U.S. crude increased 4% last week. Friday's settlement of $82.28 per barrel was $3 per barrel more than the week before. Meanwhile gasoline futures prices increased 12 cents on the NYMEX. Wholesale gasoline prices reached a level that - if sustained - could drag the state average above $3.20 per gallon.
"It appears the pain at the pump is going to get worse before it gets better," said Mark Jenkins spokesman, AAA - The Auto Club Group. "Florida drivers are likely to face another round of rising prices, as global supply concerns keep upward pressure on the price of crude. It's unclear when the relief at the pump will come, but these elevated prices at the pump are likely to linger through the winter months."
The reason prices keep rising (and could remain elevated through the winter) is due to a natural gas shortage affecting Asia and Europe. Because of that shortage, natural gas prices have skyrocketed in those continents, forcing their countries to turn to what was already an extremely tight crude oil market for electricity and heating.
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