AAA: Florida Price Average Reaches Highest Point Since March, Crude Oil Prices Highest Since February
By AAA // December 22, 2020
FLORIDA GAS PRICES REACH 9-MONTH HIGH
(AAA) — Florida gas prices increased by six cents last week. The state average for a gallon of regular unleaded reached $2.20 cents on Friday.
Although that’s 1-cent more than the highs set in October, $2.20 is the highest state average since March.
“Oil prices returned to pre-pandemic levels last week, so it should come as no surprise that gas prices followed suit,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.
“Fuel prices have been pressured higher by optimism surrounding a new stimulus package and Covid-19 vaccine news. These are two big pieces in the puzzle for long term improvement in fuel demand, which has been heavily hampered by the pandemic.”
Crude oil prices increased by more than 5 percent last week. A barrel of U.S. crude oil (WTI) settled at $49.10 on Friday. That’s $2.53 per barrel more than the week before and the highest daily settlement since February.
Gas prices Teeter on the Line of 2-4 Year Holiday Lows
Florida’s state average of $2.20 per gallon is 45 cents less than what drivers paid on Christmas Day in 2019. It’s only 1-cent less than the average price two years ago.
If the state average remains below $2.21 on Christmas Day, it’d be the lowest for the holiday in four years.
Despite the multi-year lows expected for the year-end holidays, the decision to travel this year is more likely to be about health concerns – related to the pandemic – than what price drivers will pay at the pump.
Even still, AAA anticipates 4.5 million Floridians will travel for the year-end holidays. The majority of them (4.3 million) are expected to take a road trip.
■ Most expensive metro markets – West Palm Beach – Boca Raton ($2.31), Port St. Lucie ($2.23), Ocala ($2.22)
■ Least expensive metro markets – Tallahassee ($2.14), Punta Gorda ($2.15), Panama City ($2.16)
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