FL Gas Prices Move Closer To $5 Per Gallon: AAA

FLORIDA — Florida gas prices are inching closer to $5 a gallon as a new record-high of $4.76 per gallon was set at the pump on Sunday, AAA said.

State gas prices on Monday are 66 percent more expensive than a year ago. It costs $71 to fill an average size 15-gallon tank, an AAA news release said.

"Unfortunately, the pain at the pump is likely to get even worse this week," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gasoline made very strong gains in the futures market last week. When that happens, we normally see retail prices rise. It can take days or a week for pump prices to reflect the change, but It wouldn't be a surprise to see retailers raise their prices another 20 cents by Monday night. At this rate, it sure seems like there's very little resistance to rising prices at the pump, and $5 a gallon is quickly becoming a very real possibility this summer."

Crude oil prices rose 3 percent last week on the futures market, AAA said.

According to Jenkins, Friday's settlement of $118.87 per barrel was $380/b more than the week before. Gasoline future prices increased 24 cents per gallon from the week before, reaching a new all-time record high.

Organization of the Petroleum Exporting Countries announced plans to raise oil production by 648,000 barrels per day, AAA said.

Oil and gasoline futures prices traded significantly higher last week as the European Union's Russian oil ban contributed to ongoing global supply concerns, while expectations of global fuel demand increased after China lifted COVID-19 restrictions in Shanghai, AAA said.

According to AAA, additional factors weighing on futures prices include a large draw in gasoline supplies and growing exports, amid rising global competition for fuel. This week's EIA report revealed:

• U.S. crude oil stocks are 15 percent below year-ago levels
• U.S. gasoline stocks are 6 percent below year-ago levels
• Gasoline demand is up 2 percent from a year ago
• Domestic refining capacity is down 5 percent from two years ago
• Gasoline exports are up 89 percent compare to this time last year; 37 percent more than a week ago

To check gas prices in your area of Florida, visit AAA Gas Prices.