Early last week, gas prices in Florida increased by 13 cents. The state average then fell by six cents over the weekend.
The state average for gasoline on Sunday was $3.58. On Wednesday, it hit a new high of $3.64 per gallon, setting a record for 2024.
The peak price per gallon was $3.85 last year. At $3.58 a gallon on Sunday, the price is 2 cents more than it was a month ago but 14 cents less than it was at this time last year.
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"Volatility in the oil market has greatly contributed to rising prices at the pump in recent weeks," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Oil prices have been reacting to rising geopolitical tensions between Israel and Iran, and OPEC's decision to extend production cuts, in an effort to crimp global fuel supplies."
According to AAA, about half the price of gasoline is influenced by the price of oil. Higher oil prices contribute to higher gasoline production costs.
Through the first quarter of the year, the price of oil averaged around $75 per barrel. Since mid-March, the price of oil has averaged nearly $84 per barrel. During that same time, the state average has mostly remained above $3.50 per gallon.
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