Lazaro Aleman
ECB Publishing, Inc.
The period of low gasoline prices may well be coming to an end, according to the American Automobile Association (AAA). Or at least it is for the foreseeable future.
The AAA notes that Florida gas prices jumped 11 cents per gallon the week ending on Sunday, March 7, bringing the statewide average to $2.72 per gallon, the highest it’s been since May 2019.
On average, according to the AAA, Florida gas prices have increased 53 cents per gallon since Jan. 1, which increases break down to 18 cents in January, 24 cents in February, and 11 cents so far in March.
Accounting for the rising prices, according to the AAA, are several factors. Among these the organization cites tightening global crude oil supplies (OPEC and its allies reportedly plan to impose further crude oil production cuts to push fuel prices higher); a decline in domestic gasoline supplies due to recent power outages at U.S. crude oil refineries due to frigid weather; rising gasoline demand as COVID-19 vaccines and stimulus money prompt people to travel; more costly-to-produce gasoline blends for summer, which is fast approaching; and geopolitical tensions in Syria that carry the potential for missile strikes to oil refineries and loading docks.
“Florida gas prices could again rise this week,” Mark Jenkins, AAA spokesman for the Auto Club Group, said on Monday, March 8. “Crude oil prices surged last week after OPEC and its allies announced plans to extend production cuts beyond April. The move piles more upward pressure on pump prices that were already responding to power outages at petroleum plants in the U.S.”
Statewide on Tuesday, March 9, the average price of a gallon of unleaded gasoline was $2.79, with prices across the state ranging from $2.66 per gallon at the low end, to $2.88 at the high.
In Jefferson County, on Tuesday, the average price of a gallon of gasoline was $2.87, compared to $2.73 in Madison County, $2.66 in Taylor County, and $2.76 in Leon County.
Nationally, the average price of a gallon of gasoline was $2.80 on Tuesday.