FL Gas Prices Reach New Multi-Year Highs, Surge Another 12 Cents

TAMPA, FL — The pain at the pump seems to be getting worse for Florida drivers. Prices jumped another 12 cents last week, rising a total of 24 cents in two weeks, according to a new AAA report.

Sunday’s state average of $3.47 per gallon is the most expensive daily average price since July 2014. Lower gas prices don't appear to be on the horizon in Florida any time soon, AAA said.

"Unfortunately it looks like the pain at the pump may continue to worsen, after oil prices saw another strong round of gains last week," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The upward momentum in crude prices has been driven by geopolitical concerns related to Russia, cold weather and underwhelming global crude output. The price of crude rose $6 last week, which if sustained, could trigger another 10-15 cent hike at the pump in the coming weeks."

On Friday, the U.S. price for crude oil settled above $90 a barrel for the first time since October 2014, AAA said. Friday’s settlement of $92.1 per barrel is $5.49/b more than the week before, and $7.66/b more than last year’s high, AAA reported.

Since oil is a key ingredient in gasoline, the price of oil influences about half the total price of what drivers pay at the pump. So far this year, the U.S price for crude oil has risen 21 percent. That $16 increase in crude is the equivalent of a 40 cent swing in gasoline prices.

So far this year, gas prices have risen 27 cents, which means pump prices may rise another 13 cents before fully adjusting to the latest oil price hike, according to AAA.

"Drivers who want to maximize their money at the pump should consider paying in cash, as some retailers charge extra for credit card users," Jenkins continued. "You may also want to enroll in fuel rewards programs like the one from AAA, which saves members 5 cents per gallon during each fill-up. From there, you can maximize your fuel economy by ensuring your vehicle is properly maintained, combining errands, and slowing down. Gas mileage decreases rapidly at speeds above 50 miles per hour."

In Florida, the most expensive gas prices can be found in West Palm Beach, Boca Raton, Naples and Port St. Lucie. AAA said prices in those locations range anywhere between $3.51 to $3.60.

The least expensive gas prices can be found in Crestview, Fort Walton Beach, Pensacola and Panama City. Gas prices there range anywhere from $3.27 to $3.29, AAA said.