AAA: Florida Gas Prices Reach $3.01, Most Expensive Daily Average Price Since October 2014
By AAA // July 7, 2021
U.S. crude oil prices have soared from $47 per barrel in January to $75/b last week
(AAA) – Florida gas prices set a new 2021 high today. The state average is now $3.01 per gallon, the most expensive daily average price since October 2014.
On average, Florida drivers are now paying 7 cents per gallon more than a week ago and 15 cents less than this time last month.
The state average is now 90 cents more than this time last year when prices plummeted due to low demand because of the pandemic.
“Florida drivers continue to feel the effects of rising crude oil prices, which have made it more expensive to produce gasoline,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.
“Oil prices have surged nearly 60% this year, as global fuel demand outpaces the recovery in supplies. Unfortunately, these pump prices will likely hang around through the summer, unless fundamentals change. Tropical Storm Elsa is not expected to impact prices at the pump.”
Last year, during the pandemic, many fuel-producing countries reduced crude oil output, due to plummeting fuel demand.
According to the EIA, the United States’ production levels dropped a total of 24% from January 2020 to August 2020.
Although US production levels have bounced back from mid-2020 lows, they remain 15% below pre-pandemic levels. Reopening rigs can take time due to staffing and other logistics.
As a result of this shift in fundamentals, U.S. crude oil prices have soared from $47 per barrel in January to $75/b last week.
The last time crude prices exceeded $75 per barrel was a brief period in October 2018.
Most expensive metro markets – Panama City ($3.13), West Palm Beach-Boca Raton ($3.12), Tallahassee ($3.05)
Least expensive metro markets – Fort Myers-Cape Coral ($2.97), Punta Gorda ($2.98), Jacksonville ($2.98)
Find Florida Gas Prices
Daily gas price averages can be found at Gasprices.aaa.com
State and metro averages can be found here
AAA GAS PRICE AVERAGES
(Price per gallon of regular unleaded gasoline)
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