FORT LAUDERDALE, Fla. – Florida’s gas prices have reached an 11-month high. The good news for drivers is that this might be the top of the spike.
That’s according to Mark Jenkins, a spokesman for the American Automobile Association.
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“Gas prices have been dragged higher by crude oil prices which remain at 11-month highs,” Jenkins said. “The gas price hike has likely hit its ceiling for now, as oil prices seemed to plateau last week. Despite optimism for the COVID-19 vaccine, crude prices slipped last week due to rising cases of coronavirus in two of the largest fuel consumers in the world: the United States and China.”
Jenkins said last week that crude oil price increases reflected confidence in the COVID-19 vaccine and the prospect of more fuel consumption globally.
While policies under new President Joe Biden’s administration could also affect gas costs, experts are not pinning the recent rise in price to his inauguration.
According to AAA, Florida’s average gas price jumped 10 cents last week to $2.40 per gallon of regular unleaded gasoline.
That’s up 20 cents from the start of 2021 and the highest prices we’ve seen at the pump since February 2020.
We’re still paying about 7 cents less per gallon than at this time last year, AAA’s data shows.
As of Monday morning, the average gallon of regular unleaded gas cost:
- $2.398 in Miami-Dade County
- $2.424 in Broward County
- $2.47 in Monroe County
- $2.501 in Palm Beach County
Jenkins also shared this data about factors that affect our gas prices:
- According to the Energy Information Administration, U.S. crude supplies increased nearly 1%. At the same time, gasoline production jumped 18%, while gasoline demand rose almost 10%.
- Through most of December, U.S. crude oil traded for around $47 per barrel. Now oil prices are around $52 per barrel. The increased price of oil drives up the cost of producing gasoline.
For more info on Florida gas prices, click here.