Gas prices in Florida averaged $3.34 per gallon on Sunday. The state average was 3 cents higher than a week ago and only 3 cents below this year's high of $3.37 per gallon.
"Florida gas prices inched higher last week and are likely to get even more expensive either this week or next," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gasoline futures shot up 30 cents late last week. That's an indicator that summer-blend gasoline has moved into the market. Drivers should expect a jump at the pump, but how much remains to be seen."
From March to April, refineries switch from producing winter-blend to summer-blend gasoline. The EPA mandates the switch in an effort to reduce smog.
Read: Florida Couple, Dressed As Amazon Drivers, Travel To Washington To Kidnap Baby
The difference between blends is determined by something called Reid Vapor Pressure (RVP). Winter blend gasoline has a higher RVP than summer blend. During the warmer months, fuels with a high RVP may boil in your gas tank and evaporate, causing air pollution.
The ingredients that make up a blend determine its RVP. Winter blend has more butane. This ingredient is cheaper and more plentiful, but it contributes to a higher RVP.
Summer grade uses less butane and replaces it with more expensive additives, resulting in higher gas prices.
The switch to summer blend typically results in a 15-cent increase at the pump. The market was also bullish on the expectation that OPEC and its allies would extend their voluntary oil production cuts, which they did on Sunday.
Read: Hillsborough County Fire Rescue Battles Early Morning Lutz House Fire
The cuts were set to expire at the end of March but will now be extended until the end of June in an effort to keep prices rising.
On Friday, the US price for a barrel of crude settled at $79.97. That's $3.48 per barrel, up 5% from the previous week. That marks the highest daily settlement since November.
__Help support the Tampa Free Press by making any small donation by clicking here.__
Android Users, Click To Download The Tampa Free Press App And Never Miss A Story. Follow Us On Facebook and Twitter.Sign up for our free newsletter.
