AAA: Florida Gas Prices Reach New Record Highs;$5 GASOLINE BECOMES MORE LIKELY

TAMPA, FL. — Florida gas prices are creeping closer to $5 a gallon. The state average jumped 18 cents last week, reaching a new all-time high of $4.76 per gallon on Sunday.

Florida gas prices are now 66% more expensive than a year ago. It now costs $71 to fill an average size 15-gallon tank of gas. That’s nearly $29 more than what drivers paid a year ago.

“Unfortunately, the pain at the pump is likely to get even worse this week,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Gasoline made very strong gains in the futures market last week. When that happens, we normally see retail prices rise. It can take days or a week for pump prices to reflect the change, but It wouldn’t be a surprise to see retailers raise their prices another 20 cents by Monday night. At this rate, it sure seems like there’s very little resistance to rising prices at the pump, and $5 a gallon is quickly becoming a very real possibility this summer.”

Crude oil prices rose 3% last week on the futures market. Friday’s settlement of $118.87 per barrel was $3.80/b more than the week before. Gasoline future prices increased 24 cents per gallon from the week before, reaching a new record high. Although OPEC+ announced plans to raise oil production by 648,000 barrels per day

Oil and gasoline futures prices traded significantly higher last week as the European Union’s Russian oil ban contributed to ongoing global supply concerns, while expectations of global fuel demand increased after China lifted COVID-19 restrictions in Shanghai.

Additional factors weighing on futures prices include a large draw in gasoline supplies and growing exports, amid rising global competition for fuel. This week’s EIA report revealed:

• S. crude oil stocks are15% below year-ago  levels
• S. gasoline stocks are 6% below year-ago levels
• Gasoline demand is up 2% from a year ago
• Domestic refining capacity is down 5% from two years ago
• Gasoline exports are up 89% compared to this time last year; 37% more than a week ago

Regional Prices

• Most expensive metro markets – West Palm Beach-Boca Raton ($4.90), Fort Lauderdale ($4.79), Miami ($4.79)
• Least expensive metro markets – Pensacola ($4.57), Crestview-Fort Walton Beach ($4.59), Panama City ($4.60)

Ways to Save on Gasoline

• Combine errands to limit driving time.
• Shop around for the best gas prices in your community.
• Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
• Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
• Drive conservatively. Aggressive acceleration and speeding reduce fuel economy.

AAA Resources for Drivers

• Enroll in savings programs. AAA Members who enroll in Shell’s Fuel Rewards program can save 30 cents per gallon on their first fill-up and 5 cents per gallon each additional trip to the pump. Click here for more information.
• Get a tune-up. Ensure your vehicle is properly maintained to optimize its fuel economy. Visit com/AutoRepair to find a certified repair shop.
• Find the lowest gas prices in your area by using the free AAA mobile app.
• Determine anticipated fuel costs for your trip by using the AAA’s Gas Cost Calculator.

Find Florida Gas Prices

• Daily gas price averages can be found at aaa.com
• State and metro averages can be found here

Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

About AAA – The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.