More Money Spent At Gas Pumps Across FL, Tight Crude Oil Markets

FLORIDA — Gas prices continue to dig into pockets of Floridians as effects from the COVID-19 pandemic continue to play out in the crude oil market, according to AAA.

Crude oil prices increased last week from $3.05 to $3.17 per gallon. Sunday's state average, $3.17, is the highest daily average since October 2014. The price of U.S, crude jumped five percent last week. For context, crude rarely exceeded $75 per barrel this year, a news release said. However, on Friday, it briefly traded above $80, before ultimately settling at $79.31.

"The recent jump at the pump is directly tied to rising futures prices," Mark Jenkins, AAA spokesperson, said. "The higher crude price raises the cost of producing gasoline. Unfortunately, it's not clear when these prices will come back down."

What's moving the market right now are concerns of what would happen if this winter is colder than normal, Jenkins said. Natural gas prices in Europe and Asia have tripled — to a level that would be the equivalent of oil prices reaching $200 per barrel. This has speculators worried that the countries affected would turn to the oil market for heating and power generation — an oil market that is already extremely tight on supplies.

Fortunately, the U.S. may be shielded from the natural gas crunch, since U.S. supplies are strong and very little of it is typically exported, AAA said. However, the U.S. is not shielded by the tightness in the crude market.

Regional Prices, according to AAA

• Most expensive metro markets – West Palm Beach-Boca Raton ($3.32), Fort Lauderdale ($3.21), Port St. Lucie ($3.20)
• Least expensive metro markets – Pensacola ($3.12), Crestview-Fort Walton Beach ($3.14), Jacksonville ($3.14), Punta Gorda ($3.14)

Ways to Save on Gasoline

• Combine errands to limit driving time.
• Shop around for the best gas prices in your community.
• Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
• Remove excess weight in your vehicle.
• Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.

Find Florida Gas Prices

• Daily gas price averages can be found at Gasprices.aaa.com
• State and metro averages can be found here