Florida Gas Prices Reach Highest Level Since May Amid Rising Oil Costs
Florida's gas prices surged last week, reaching their highest level since May as crude oil costs continued to rise. The statewide average price for regular gasoline peaked at $4.33 per gallon on Friday before dipping slightly to $4.30 on Sunday. According to AAA, Florida gas prices jumped by a significant 21 cents per gallon during the week, largely due to increasing crude oil prices. Crude oil has climbed as much as 27 percent over the past three weeks, with prices settling at $105.83 per barrel on Tuesday.
Rising oil prices have put upward pressure on fuel costs, said Mark Jenkins, spokesman for AAA. 'Rising oil prices contributed to the latest jump at the pump,' he noted. Crude oil accounts for roughly half of the retail cost of gasoline, making it a significant factor in price fluctuations.
Drivers are now paying approximately $65 to fill a typical 15-gallon tank, which is about $6 more than a month ago and nearly $20 more than at the same point last year. West Palm Beach-Boca Raton had the state's highest metro average at $4.45 per gallon, followed by Homosassa Springs and Naples at $4.37.