Gas prices projected to go up as oil prices rise, AAA says

Close up of a person pumping gas into a vehicle. Photo by Dawn McDonald on Unsplash. (Unsplash)

Florida gas prices dropped a couple cents last week, but could get more expensive soon, as global supply concerns caused oil prices to rise again last week, according to AAA data.

The U.S. price of crude only rose 2%, but it was enough to reach a new 2023 high of $83.26 per barrel. There could be about a 5-cent increase at the pump.

Gas prices in Florida averaged $3.56 per gallon on Monday, AAA said. The national average is at $3.67 as of Monday, according to AAA. The state average is 2 cents less than the 2023 high of $3.58 per gallon and 44 cents less than this time last year, when drivers paid $4.00 a gallon for regular unleaded.

Crude prices rose last week on the belief that easing U.S. inflation could lessen the pressure on the Federal Reserve to raise interest rates, which could ultimately be bullish for gasoline demand, according to AAA.

The cheapest gas in the Jacksonville area is the Gate gas station on Racetrack Road in Fruit Cove for $3.29, according to Gas Buddy.

Flooding impacts on gasoline supplies in South Florida

Historic flooding in South Florida led to reports of gasoline outages at various filling stations in the region, according to AAA. The flooding interrupted operations at fuel terminals in Port Everglades, which is the hub for about 40% of the gasoline that sails into the state. To offset the shortage, gasoline was brought in from Port Canaveral, Tampa and Orlando. Operations have reportedly been restored at Port Everglades and gasoline supplies in the region should return to normal very soon, AAA said.