AAA: Gas Prices Likely to Rise After Another Oil Price Hike, Averaged $3.56 Per Gallon on Sunday

price of crude reaches a new 2023 high of $83.26 per barrel

AAA – Florida gas prices slipped a couple of cents last week but could get more expensive soon, as global supply concerns caused oil prices to rise again last week.

The U.S. price of crude only rose 2%, but it was enough to reach a new 2023 high of $83.26 per barrel. Ultimately, it amounts to what could be a 5-cent increase at the pump.

Gas prices averaged $3.56 per gallon on Sunday. The state average is 2 cents less than 2023 high of $3.58 per gallon and 44 cents less than this time last year when drivers paid $4.00 a gallon for regular unleaded.

Crude prices rose last week on the belief that easing U.S. inflation could lessen the pressure on the Federal Reserve to raise interest rates, which could ultimately be bullish for gasoline demand. Also propping up prices is a report from the International Energy Agency which forecasts global fuel supplies may not be able to keep pace with global fuel demand, due to OPEC’s decision to cut oil production by more than 1 million barrels per day starting next month.

Flooding Affects Gasoline Supplies in South Florida

Historic flooding in South Florida led to reports of gasoline outages at various filling stations in the region. The flooding interrupted operations at fuel terminals in Port Everglades, which is the hub for about 40% of the gasoline that sails into the state.

To offset the shortage, gasoline was brought in from Port Canaveral, Tampa and Orlando. The good news is that operations have reportedly been restored at Port Everglades and gasoline supplies in the region should return to normal very soon. It’s just a matter of filling the gasoline trucks at the terminals and delivering the fuel to the gas stations that need it.

Regional Prices

■ Most expensive metro markets – West Palm Beach-Boca Raton ($3.74), Miami ($3.65), Fort Lauderdale ($3.63)
■ Least expensive metro markets – Panama City ($3.44), Crestview-Fort Walton Beach ($3.44), Pensacola ($3.46)

Daily gas price averages can be found at Gasprices.aaa.com

	Sunday	Saturday	Week Ago	Month Ago	One Year Ago
National	$3.669	$3.668	$3.601	$3.464	$4.077
Florida	$3.563	$3.566	$3.581	$3.448	$4.004
Georgia	$3.393	$3.395	$3.378	$3.246	$3.709
Click here to view current gasoline price averages

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.

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