AAA: Gas prices stabilize after another 13 cent jump

Special to Gannett

TAMPA — Florida gas prices stabilized over the weekend after rising another 13 cents, last week.

The state average now sits at $3.31 per gallon. That's a new 2021 high, and the most expensive daily average price since October 2014.

Florida pump prices have climbed a total of 26 cents this month. So far this year, the state average has increased a total of $1.12 per gallon since Jan. 1. Florida drivers are now paying $1.23 per gallon more than this time last year, and 89 cents more than this time in 2019.

"Gas prices have been dragged higher by skyrocketing crude oil prices," said Mark Jenkins, spokesman for AAA - The Auto Club Group. "Crude oil prices have faced tremendous upward pressure, because global fuel demand is outpacing global production and supply levels. Although oil prices increased again last week, it was by a smaller margin than the weeks before.

"Fortunately, gasoline futures held steady," he added. "So even if gas prices increase again this week, it shouldn't be as significant of a jump as what drivers have experienced so far this month."

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Frankiano Concepcion watches the price dial rise as he fills his truck with gas at a Valero Gas Station on Guadalupe Street on Oct. 26, 2021. “It’s breaking my bank account, man,” he said of high gas prices. “These gas prices keep rising, but not my paycheck.”

The price of US (WTI) crude oil has climbed 76% this year; going from $47 per barrel in January to nearly $84/b last week. In October alone, oil prices have jumped 10%; rising from $75.88 to $83.76 per barrel.

A rather uneventful week in the gasoline futures market is good news for motorists. Gasoline futures finished the week 1-cent lower than the week before. This is a positive indicator that retail pump prices could stabilize this week.

Prior to last week, gasoline futures logged 12 cents gains in two consecutive weeks; and retail prices followed suit. 

Regional prices

Most expensive metro markets – West Palm Beach-Boca Raton ($3.46), Fort Lauderdale ($3.35), Port St. Lucie ($3.34)

Least expensive metro markets – Pensacola ($3.24), Jacksonville ($3.28), Panama City ($3.28), Punta Gorda ($3.29)