Florida gas prices reach 11-month high

Special to Gannett

TAMPA —  Florida gas prices jumped another 10 cents last week, reaching an average price of $2.40 per gallon.

Sunday's state average is up 20 cents from the start of the year, and the highest daily average price since February 2020. Despite the recent hike, Florida drivers are paying 7 cents less than this time last year.

Gas prices reached an 11-month high statewide last week.

"Gas prices have been dragged higher by crude oil prices, which remain at 11-month highs," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The gas price hike has likely hit its ceiling for now, as oil prices seemed to plateau last week. Despite optimism for the COVID-19 vaccine, crude prices slipped last week due to rising cases of coronavirus in two of the largest fuel consumers in the world: the United States and China."

According the Energy Information Administration, US crude supplies increased nearly 1-percent. At the same time, gasoline production jumped 18 percent, while gasoline demand rose almost 10 percent.

Through most of December, US crude oil traded for around $47 per barrel. Now oil prices are around $52 per barrel. The increased price of oil drives up the cost of producing gasoline.

Regional Prices

Most expensive metro markets – West Palm Beach-Boca Raton ($2.51), Fort Lauderdale ($2.43), Port St. Lucie ($2.43)

Least expensive metro markets – Panama City ($2.32), Crestview-Fort Walton Beach ($2.33), Pensacola ($2.34)

Daily gas price averages can be found at Gasprices.aaa.com. State and metro averages can be found at https://gasprices.aaa.com/?state=FL.

This chart provided by AAA - The Auto Club Group shows the average price per gallon of regular unleaded gasoline as of Jan. 25, 2021 in Florida.

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.

For more information about AAA- The Auto Club Group, get the AAA Mobile app, visit AAA.com, or visit its social media accounts.