Jesse Scheckner
Florida gas prices hit $3.34 per gallon Sunday, 3 cents higher than the state average a week prior and 3 cents shy of this year’s highest price point, according to AAA — The Auto Club Group.
Mark Jenkins, spokesperson for AAA, said in a statement that gas prices will likely grow even costlier this week or next due to market and production shifts.
“Gasoline futures shot up 30 cents late last week. That’s an indicator that summer blend gasoline has moved into the market,” he said. “Drivers should expect a jump at the pump, but how much remains to be seen.”
Oil refineries switch from producing winter blend gas to summer blend between March and April, as required by the Environmental Protection Agency, to cut down on smog. The difference in the blends is based on Reid Vapor Pressure (RVP), which measures the volatility of petroleum products.
Winter blend gasoline has a higher RVP than summer blend. In warmer months, fuels with a higher RVP can boil in gas tanks and evaporate, causing air pollution.
A fuel’s RPV is based on its ingredients. Winter blend has more butane, which is inexpensive and more plentiful but contributes to a higher RVP. Summer blend, meanwhile, uses less butane and replaces it with other, more costly additives that contribute to higher prices at the pump.
Typically, the switch to summer blend causes a 15-cent price hike at the pump.
The gas futures market has been bullish on the belief that OPEC and its allies would extend voluntary oil production cuts, which they did Sunday. The cuts, originally set to expire at the end of March, will continue until June to keep upward pressure on prices.
On Friday, the U.S. price for a barrel of crude oil settled at $79.97. That’s 5% more than the week before and the highest daily settlement since November.
The most expensive metro market for motorists to refuel in Florida was again the West Palm Beach-Boca Raton area, where gas cost $3.52 per gallon on average, followed by Naples ($3.42) and Fort Lauderdale ($3.40).
Drivers and motorcyclists could find the cheapest gas in Panama City and Pensacola, where the average price per gallon was $3.12, followed by the Crestview-Fort Walton Beach area ($3.13).
