Florida gas prices flirting with $3 a gallon

AAA expects to see that price fall as wholesale prices drop

File (AP Photo/Gene J. Puskar)
File (AP Photo/Gene J. Puskar) (Copyright 2019 The Associated Press. All rights reserved.)

JACKSONVILLE, Fla. – Gas prices in Florida are averaging nearly $3 a gallon for the first time in three years.

With gas prices across the state up by an average of 5 cents last week, Floridians are now paying roughly $2.91 a gallon at the pump, according to AAA.

That’s the highest daily average price since May 2018.

According to figures provided by AAA, gas prices are up by more than 70 cents since Jan. 1 and they’ve risen by 30 cents during the month of March.

The organization attributes the price increases in part to tightening crude oil supply and the anticipation that vaccinations will grow demand for fuel.

“The good news for motorists is that gas prices could soon begin to slip lower,” AAA spokesman Mark Jenkins said. “Weekly EIA data suggests that refinery operations are improving and gasoline supplies are increasing.”

The price of crude oil was $61.42 per barrel last Friday after reaching a two-year high of $66.09 two weeks ago.

“Wholesale gasoline prices dropped nearly 20 cents last week,” Jenkins said. “It’s unlikely that drivers will see such a dramatic swing at the pump, but it’s an indication that lower prices should be on the way.”