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Economy / Business

Gas Prices In Florida Spike To Highest Levels In Almost Three Years

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Carl Lisciandrello / WUSF Public Media
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The average price of a gallon of gas statewide increased 15 cents, to $2.87. It could soon reach $3.

Gas prices are at their highest levels in Florida since June 2018.

According to AAA, the average price for a regular unleaded gallon of gas in Florida increased 15 cents last week, to $2.87.

According to AAA spokesman Mark Jenkins, the increase is due largely to OPEC tightening supply worldwide as the demand for gas increases, along with reduced supply in the United States. due to power outages in Texas and other states following a cold blast last month.

Jenkins said the average price could soon approach $3 a gallon.

"Global and domestic supply and demand continues to be the story behind rising prices at the pump," Jenkins said. "Although gas prices normally increase in the spring, the price hike is especially pronounced this year, as global crude supplies tighten and domestic refinery issues lead to reduced gasoline supplies.

“Unfortunately, the pain at the pump may get a little worse before it gets better. Gasoline futures and wholesale prices rose another 10 cents late last week. The increase is said to be based on optimism that gasoline demand will continue to grow. It's possible that increase could cause gas prices to rise again this week, dragging the state average even closer to $3 a gallon."

The West Palm Beach/Boca Raton area is the most expensive metro market in the state, with an average price of $2.97 a gallon.

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