- October 25, 2024
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by: Mark Jenkins
Spokesman, AAA - The Auto Club Group
Florida gas prices are being dragged higher by the rising price of oil. The U.S. price for crude increased 6% last week, as global supplies struggle to meet demand.
The average price for gasoline rose 3 cents per gallon last week. The state average is now $3.22 per gallon, which remains 14 cents less than the 2021 high of $3.36 per gallon.
"The arrow appears to be pointing up for oil prices, which means gas prices are likely to get more expensive," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The oil market is bullish on global supply concerns as various members of OPEC+ have reportedly struggled to meet production goals."
Crude oil prices are critical to what drivers pay at the pump. About half of the price of gasoline is based on the price of oil; that's because oil is a key ingredient in gasoline.
In 2021, oil prices rose as much as 78%, leading to a total increase of $1.17 per gallon at the pump. Although oil prices cooled off toward the end of 2021, they have opened the year strong, shooting right back up to where they were before Thanksgiving.
So far this year, the U.S. price for crude has increased 10% - going from $76.08 per barrel, back up to Friday's (Jan. 14) settlement of $83.82.
"Based on last week's oil price hikes, drivers could soon see another round of rising prices," Jenkins continued. "It's unclear how much of an increase to expect, but the last time oil prices were this high, the state average was above $3.30 per gallon."
State Average Prices
Regional Prices
