Florida gas prices jumped higher last week, with the state average rising 10 cents, setting a new 2024 high of $3.48 per gallon on Friday. Sunday's state average was $3.47/g.
"The jump at the pump may not be over yet," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Drivers may be in line for another round of rising prices, after gasoline and crude oil futures rose to new 2024 highs last week."
The U.S. price of crude rose 4% last week, reportedly due to concerns over Ukraine's attacks on Russian refineries. Thursday's closing price of $81.26/b was the highest since Halloween.
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Meanwhile, gasoline futures jumped 19 cents last week, finishing 11 cents higher than the previous 2024 high. The increase is reportedly driven by weekly domestic gasoline supply numbers that were lower than the market expected.
Rising gas prices are pretty common in the spring. Fuel demand numbers in March are some of the highest of the year, as residents share the road with spring breakers and winter residents. That, combined with seasonal refinery maintenance and the switch to the more expensive summer-blend gasoline, is a common recipe for higher prices at the pump.
Last spring, Florida gas prices reached a high of $3.72 per gallon. However, the highest price of the year was later set in August at $3.85/g.
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