Florida gas prices hit new 2024 high

There's just a little less pain at the pump lately.

Gas prices in Florida shot up 13 cents early last week to reach a new 2024 high of $3.64 per gallon by Wednesday before falling 6 cents through the weekend.

By Sunday, the state average was $3.58 per gallon — 2 cents more than a month ago, but 14 cents less than the same time last year. Last year’s high was $3.85 per gallon.

Mark Jenkins, spokesperson for AAA — The Auto Club Group, attributed the price uptick in recent weeks to volatility in the oil market.

Oil prices account for roughly half the price of gas, and throughout the first quarter of the year, oil prices averaged around $75 per barrel. Since mid-March, however, the price of oil climbed to nearly $84 per barrel while the state average gas prices remained above $3.50 per gallon.

“Oil prices have been reacting to rising geopolitical tensions between Israel and Iran, and OPEC’s decision to extend production cuts, in an effort to crimp global fuel supplies,” Jenkins said in a statement.

Florida’s highest price for gas last year ($3.85 per gallon) came as the price of oil reached a high of nearly $94 per barrel. In 2022, the state average for gas was $4.89 per gallon, when oil peaked at $123.70 per barrel.

The most expensive metro market in Florida this week is, once again, the West Palm Beach-Boca Raton area, where drivers are paying $3.77 per gallon on average. That’s followed by Naples ($3.71) and Homosassa Springs ($3.65).

The cheapest fuel can be found in the Crestview-Fort Walton Beach area, where drivers and motorcyclists are shelling out $3.29 per gallon on average, followed by Panama City ($3.31) and Pensacola ($3.32).

Florida’s $3.56 per gallon price on Monday was 12 cents cheaper than the national average of $3.68 per gallon.