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Economy / Business

Florida gas prices rise to their highest level in 5 weeks

Gas pump
Victoria Crosdale
/
WUSF Public Media

Motorists across the state are now paying an average of $4.20 a gallon.

After seeing declines in recent weeks, gas prices across Florida have inched up once again.

According to AAA, the average price of a gallon of gas rose to $4.20 a gallon last week.

That's 2 cents more than the previous week, and the highest price in the last five weeks.

Mark Jenkins, spokesman for AAA, says the increase is the result of higher oil and gasoline prices.

"There were some noteworthy gains in both oil and gasoline futures last week, which may result in additional increases at the pump this week," Jenkins said in a press release. "Oil prices rose last week after the European Union announced plans to phase out imports of Russian oil by the end of the year. And yet, the oil price gains paled in comparison to what happened with gasoline. Gasoline futures soared to a new record high last week.

"The increase is attributed to a combination of factors, including steady weekly declines in gasoline supplies and expectations that summer fuel demand will far outpace what we saw last year."

Motorists across the greater Tampa Bay region are paying just under $4.16 a gallon.

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