FORT LAUDERDALE, Fla. – Floridians woke up Monday to an average gas price of $2.91, the highest in the state since May of 2018.
It represents an increase of over 70 cents since the start of 2021 and 30 cents in March alone, according to American Automobile Association data.
We could be reaching the peak of the recent rise in prices, though, an expert says.
“The good news for motorists is that gas prices could soon begin to slip lower,” says Mark Jenkins, a spokesman for AAA who tracks gas prices. “Weekly [Energy Information Administration] data suggests that refinery operations are improving and gasoline supplies are increasing. Wholesale gasoline prices dropped nearly 20 cents last week. It’s unlikely that drivers will see such a dramatic swing at the pump, but it’s an indication that lower prices should be on the way.”
Jenkins says the rising prices have been driven mostly by the tightening of global crude supplies, market optimism that COVID-19 vaccines will increase fuel demand and supply shortages caused by the winter blasts that knocked out power at Texas refineries.
Florida’s statewide average of $2.908 per gallon of regular unleaded gasoline on Monday was higher than the national average of $2.882, according to AAA.
And South Florida is paying more than the state average:
- Miami-Dade County: $2.932
- Broward County: $2.929
- Monroe County: $3.013
- Palm Beach County: $3.004
For more information on Florida gas prices, click here.