Gas prices in Florida have surged, with the state average jumping 57 cents per gallon last week, according to AAA.
Sunday's average of $3.45 is the highest daily average since August 2024.
"Prices at the pump moved up quickly early last week as oil prices rallied," said Mark Jenkins, spokesman for AAA.
According to AAA:
Crude oil prices soared 36% last week, reaching $90.90 per barrel, the largest weekly increase in 20 years. Gasoline futures also rose sharply, climbing 67 cents per gallon.
Credit: WINK News
"Oil is the biggest input cost in gasoline, so when crude and gasoline futures climb, retail prices usually follow," said Jenkins. He noted that U.S. supplies remain steady and there is no shortage for drivers.
The global fuel market is reacting to tensions around the Strait of Hormuz, a critical oil passage. Traffic through the strait has stopped due to safety concerns, limiting global supply.
Despite these global uncertainties, U.S. fuel deliveries are uninterrupted. This week’s price increases are due to rising crude and gasoline costs.
Future prices will depend on the duration of the conflict, the resumption of shipping through the Strait of Hormuz, and global supply and demand adjustments. During the 2022 Russia–Ukraine conflict, Florida's average reached $4.87 per gallon when U.S. crude exceeded $120 per barrel.
