Florida’s Gas Prices Jump by 16 Cents in a Week
Florida saw a rollercoaster ride in gas prices last week. At the start of the week, the average gas price stood at $2.99 per gallon, but it surged to $3.18 per gallon in the middle of the week.
As the weekend approached, prices eased slightly, settling at an average of $3.15 per gallon on Sunday.
Average price for gas in Florida is now below $3 a gallon. Will it keep going down? https://t.co/XNoN8QBqes
— Miami Herald (@MiamiHerald) January 22, 2024
Regional Variations
Pensacola remained the most affordable metro area for gas in the state, with prices at $2.93 per gallon.
In North Escambia, motorists found even lower prices, with some stations along Highway 29 in Cantonment offering gas for as low as $2.79 per gallon.
Factors Behind Price Changes
Gas prices in Florida experienced renewed upward pressure due to several factors. Crude oil and gasoline futures spiked late in the previous week, impacting pump prices.
The cost of crude oil settled at $78.01 per barrel, marking a $4.60 increase compared to the previous week.
This was the highest daily settlement since mid-November, driven by refinery issues and ongoing conflicts in the Red Sea.
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Global Fuel Supply Concerns
Last week, the global fuel supply concerns were further heightened when a fire broke out at a Russian refinery, which supplies fuel to several countries, including Turkey, China, Malaysia, and Singapore.
Later in the week, oil prices surged again after a British tanker was struck by a missile and set ablaze in the Gulf of Aden.
Future Price Uncertainty
Gasoline prices are expected to face continued fluctuations in the coming weeks. The recent rise in crude oil prices and supply chain disruptions could contribute to higher prices at the pump.
However, the extent of these increases remains uncertain, leaving Florida motorists to keep a close eye on their fuel budgets.
