Crude oil prices jumped 5% on concerns that global fuel supplies will not keep pace with recovering demandBy CBSMiami.com Team

TAMPA (CBSMiami) — Florida drivers may be seeing higher prices at the gas pumps this week.  Florida gas prices face upward pressure, after optimism about rising global fuel demand sent crude oil prices to multi-year highs.

The price of crude rose five percent last week. The price for US crude (WTI) settled at $69.62 per barrel on Friday, the highest daily settlement since October 2018. Gasoline futures also increased three percent.

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“Rising crude oil and gasoline futures could drag retail gasoline prices higher this week,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Based on the shift in wholesale gasoline prices, Florida’s state average may rise a minimum of 5-10 cents this week.”

Fuel prices are rising as optimism grows over the reopening of economies around the globe, and how that will promote stronger fuel demand. Meanwhile, market watchers are concerned that fuel supplies will not be able to keep pace.

Over the weekend, Florida gas prices averaged $2.85 per gallon. The state average is nearly 2 cents less than a week ago, and 3 cents less than this time last month.

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Pump prices remain 6 cents less than the highest price – so far this year – of $2.91 per gallon, recorded in late March. Visit GasPrices.AAA.com to view daily average gas prices.

Regional Prices

  • Most expensive metro markets – Panama City ($3.05), West Palm Beach-Boca Raton ($2.99), Tallahassee ($2.99)
  • Least expensive metro markets – Punta Gorda ($2.75), Orlando ($2.78), Tampa-St. Petersburg, Clearwater ($2.79)
AAA GAS PRICE AVERAGES
(Price per gallon of regular unleaded gasoline)

 

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Sunday Saturday Week Ago Month Ago One Year Ago Record High
National $3.051 $3.049 $3.045 $2.941 $2.015 $4.11   (7/17/2008)
Florida $2.854 $2.855 $2.866 $2.881 $1.900 $4.08   (7/17/2008)
Georgia $2.911 $2.909 $2.913 $2.731 $1.787 $4.16   (9/15/2008)
Click here to view current gasoline price averages

 

CBSMiami.com Team