FL Gas Prices Move Closer To $5 Per Gallon: AAA

FLORIDA — Florida fuel costs are inching nearer to $5 a gallon as a brand new record-high of $4.76 per gallon was set on the pump on Sunday, AAA mentioned.

State fuel costs on Monday are 66 % costlier than a year in the past. It prices $71 to fill a median measurement 15-gallon tank, an AAA information launch mentioned.

“Unfortunately, the pain at the pump is likely to get even worse this week,” mentioned Mark Jenkins, spokesman, AAA – The Auto Club Group. “Gasoline made very strong gains in the futures market last week. When that happens, we normally see retail prices rise. It can take days or a week for pump prices to reflect the change, but It wouldn’t be a surprise to see retailers raise their prices another 20 cents by Monday night. At this rate, it sure seems like there’s very little resistance to rising prices at the pump, and $5 a gallon is quickly becoming a very real possibility this summer.”

Crude oil costs rose 3 % final week on the futures market, AAA mentioned.

According to Jenkins, Friday’s settlement of $118.87 per barrel was $380/b greater than the week earlier than. Gasoline future costs elevated 24 cents per gallon from the week earlier than, reaching a brand new all-time report excessive.

Organization of the Petroleum Exporting Countries introduced plans to boost oil manufacturing by 648,000 barrels per day, AAA mentioned.

Oil and gasoline futures costs traded considerably larger final week because the European Union’s Russian oil ban contributed to ongoing world provide issues, whereas expectations of worldwide gasoline demand elevated after China lifted COVID-19 restrictions in Shanghai, AAA mentioned.

According to AAA, further elements weighing on futures costs embrace a big attract gasoline provides and rising exports, amid rising world competitors for gasoline. This week’s EIA report revealed:

• U.S. crude oil shares are 15 % under year-ago ranges
• U.S. gasoline shares are 6 % under year-ago ranges
• Gasoline demand is up 2 % from a year in the past
• Domestic refining capability is down 5 % from two years in the past
• Gasoline exports are up 89 % examine to this time final year; 37 % greater than every week in the past

To check gas prices in your area of Florida, visit AAA Gas Prices.