Daytona Beach, FL - Last week's gas price hike brought the cost of a gallon of gasoline to its highest level since late 2014. That's according to AAA spokesperson Mark Jenkins.
Jenkins said the average increase across the state of Florida was 12 cents per gallon. He said the rise is due to the increase in crude oil prices we saw two weeks ago. "The price of crude oil here domestically jumped about seven percent reaching $70 a barrel and that dragged gas prices higher as a result."
One big reason for the price increase is the increase in demand. Jenkins said globally, travel is rebounding which in turn fuels the demand. He said a number of countries backed off their production levels during the pandemic and can't keep up with demand. "Over time, we're going to see countries ramp up their oil production. It's just not quite at a level right now to meet the demand."
The price of a gallon of gas in the Daytona area has already fallen a few cents from an average high of $2.95 per gallon.