By Team

TAMPA (CBSMiami) — Florida gas prices jumped another 10 cents last week, reaching an average price of $2.40 per gallon.

Sunday’s state average is up 20 cents from the start of the year, and the highest daily average price since February 2020. Despite the recent hike, Florida drivers are paying 7 cents less than this time last year.

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“Gas prices have been dragged higher by crude oil prices which remain at 11-month highs,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “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.”

According the Energy Information Administration, US crude supplies increased nearly 1-percent. At the same time, gasoline production jumped 18%, while gasoline demand rose almost 10%.

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Through most of December, US 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.

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Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($2.51), Fort Lauderdale ($2.43), Port St. Lucie ($2.43)
  • Least expensive metro markets – Panama City ($2.32), Crestview-Fort Walton Beach ($2.33), Pensacola ($2.34) Team