-
Florida and Osceola County gas prices retreated just a little after a 13-cent spike early in the week, AAA says. GRAPHIC/AAA
Gas prices continued their volatile run in 2024 last week, AAA said. Florida gas prices rose 13 cents early last week. From there, the state average declined 6 cents through the weekend. Sunday's state average was $3.58 per gallon. On Wednesday, the state average reached a new 2024 high of $3.64 per gallon. Last year's high was $3.85 per gallon.
Statewide, the mark today is 2 cents higher than a month ago, but still 14 cents less than this time last year. Osceola County's average of $3.58 per gallon sits 10 cents higher than this time last week, 3 cents higher than a month ago but 16 cents lower than a year ago.
A volatile oil market, and tensions abroad in major oil-producing regions is the root cause of why prices are jumping around. Experts say, well, get used to it.
"Volatility in the oil market has greatly contributed to rising prices at the pump in recent weeks," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Oil prices have been reacting to rising geopolitical tensions between Israel and Iran, and OPEC's decision to extend production cuts, in effort to crimp global fuel supplies."
About half the price of gasoline is influenced by the price of oil, experts remind. Higher oil prices contribute to higher gasoline production costs. Through the first quarter of the year, the price of oil averaged around $75 per barrel. Since mid-March, the price of oil has averaged nearly $84 per barrel. During that same time, the state average has mostly remained above $3.50 per gallon. In 2023, the state average price for gasoline reached a high of $3.85 per gallon. During that time, the price of oil reached a high of nearly $94 per barrel.
Some easy ways to increase your car's efficiency and save some on gas include combining errands to limit driving, remove excess items from your trunk or your car (no, your kids or mother-in-law doesn't count) to improve fuel economy, and drive more conservatively by gradually accelerating (instead of "stepping on it") and coasting up to red lights, stop signs and other traffic.
