AAA: Floridians Are Facing The Highest Average Gas Prices In Over 3 Years

By on April 23, 2018 in WNDB News

Florida – According to AAA – The Auto Club Group, current gas prices in the State of Florida are the most expensive they have been in more than three years.

As of Sunday, April 22, the national gas price average was $2.76 per gallon, the highest average price Americans have seen at the pump since July 2015. In Florida, Sunday’s average gas price was calculated at $2.74 per gallon, two cents less than the national average and 11 cents more than the previous week.

On Thursday, April 19, the average gas price in Florida exceeded 2017’s high of $2.73 per gallon. Thursday’s price became the most expensive daily average price in Florida since December 2014. Compared to other state’s gas prices, Florida ranks 20th in the nation for the highest gas price.

On average, Floridians are paying $41 to fill an average-sized gas tank. Compared to last year, it costs five more dollars this year to fill the same size tank of gasoline.

“High oil prices are the main reason gasoline is so expensive right now,” said AAA spokesman, Mark Jenkins. “The price of oil is about 25% more than last year, as what used to be a global supply glut, is now tightening. Now the added expense for oil is making it more expensive to produce gasoline. In addition, gasoline demand is strong and inventories are down, as refineries wrap-up their maintenance season and begin pushing out summer-blend gasoline. So there are currently a number of factors keeping upward pressure on gas prices.”

The most expensive gas in Florida can be found in West Palm Beach-Boca Raton at $2.86 per gallon, Crestview-Fort Walton Beach at $2.81, and Fort Lauderdale at $2.80. The least expensive gas can be found in Punta Gorda at $2.69 per gallon, Orlando at $2.69, and Jacksonville at $2.69. The current gas average in Daytona Beach is $2.71. For up-to-date average gas prices in your area, head to GasPrices.AAA.com.

“If we haven’t already, gas prices will hit their annual peak within the next couple weeks,” said Jenkins. “However, unforeseen circumstances like escalating geopolitical tensions or a hurricane in the Gulf of Mexico would cause prices to surge. Unfortunately, oil prices could still remain elevated heading into the summer travel season. Which means, travelers will likely find the most expensive summer gas prices in four years.”

Compared to last year, oil prices are $15 higher per barrel. AAA says gas prices are higher in 2018 because of high global demand and low supply. Half the price of gasoline is controlled by how much oil costs.

Nationally, the highest average gas price so far in 2018 was $2.76 on April 22. The lowest national average was $2.49 on January 3. In Florida, the most expensive gas price so far this year was $2.74 on April 20. The cheapest gas this year was $2.44 on January 2.

(Chart courtesy AAA)

Copyright Southern Stone Communications 2018.

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