Florida gas prices hit new 2024 high

Florida gas prices shot up again last week, rising by 12 cents to a new 2024 high of $3.62 per gallon. The recent increase followed gains in the futures market.

More generally, however, prices at the pump are following a similar trend to what drivers saw last Spring, according to AAA — The Auto Club Group (AAA).

“Fuel prices made modest gains in the futures market last week,” AAA spokesperson Mark Jenkins said in a statement. “Analysts believe OPEC and its allies will not lift production cuts before June, even as seasonal fuel demand is projected to grow.”

Contributing factors to upward pressure in the fuel market include:

— Increased gas demand as temperatures rise and Americans travel for Spring Break.

— Seasonal maintenance at refineries, which can affect gasoline production and supplies.

— The movement of the pricier Summer blend gasoline into the market.

— A tight global oil supply market due to extended production cuts by OPEC and its partners to lower global supplies and raise oil prices, which is impacting U.S. gas prices despite record-level stateside oil production.

— Geopolitical tensions that fuel global demand concerns stemming from recent Ukraine drone attacks on Russian oil refineries.

The U.S. price of crude oil finished the week 3% higher than the week prior. But Friday’s closing price of $83.17 per barrel was 30 cents less than the 2024 high recorded a week earlier.

Gasoline futures remained level.

The cheapest metro market for Florida motorists is Panama City, where the average pump price is $3.22 per gallon, followed by the Crestview-Fort Walton Beach area ($3.23) and Pensacola ($3.27).

Gas is most expensive in the West Palm Beach-Boca Raton area, where drivers and motorcyclists are shelling out $3.77 per gallon on average, followed by Naples ($3.69) and Port St. Lucie ($3.65).

Nationally, Mississippi and Tennessee have the average best price point for fuel, $3.07 per gallon.

California ($5.11) and Hawaii ($4.67) have the priciest gas.