In a week of fluctuating prices at the fuel pump, Florida’s average gas price climbed by 10 cents, undoing a slight decrease experienced the previous weekend, as per AAA’s latest findings. This recent hike propels the state’s 2024 gas prices to a new peak of $3.56 per gallon, underscoring the ongoing challenges posed by a gasoline supply shortage.
Comparatively, the national average hovers slightly lower at $3.51 per gallon for regular unleaded fuel, with Osceola County residents encountering slightly higher prices at $3.58 per gallon.
Mark Jenkins, a spokesperson for AAA, suggests that drivers should brace for potential further increases. “The recent uptick in gasoline and crude oil futures to new 2024 highs signals a possibility of continued rising prices,” he explained. Last week saw gasoline futures climb by 19 cents, propelling gas prices to their current level, an 11-cent increase from the previous week.
Compounding the situation, crude oil prices experienced a 4% rise last week, largely attributed to the escalating tensions resulting from Ukraine’s attacks on Russian refineries. These price dynamics are not uncommon for this time of year, Jenkins noted, attributing them to the spring season’s heightened fuel demand, the ongoing seasonal refinery maintenance, and the transition to the costlier summer-blend gasoline.
Reflecting on the previous year, Florida’s gas prices had peaked at $3.72 per gallon around the same period, with the annual high of $3.85 per gallon recorded in August. As drivers navigate the complexities of the current fuel market, these trends underscore the broader economic and geopolitical factors influencing gas prices, from global conflicts to seasonal adjustments in fuel production.
