Florida gas prices surged as expected last week, after drone attacks on Saudi Arabia caused crude prices to spike.
Florida gas prices are now an average of 10 cents higher than a week ago. The increases ranged from as low as 5 cents in Tallahassee to 13 cents in Tampa Bay.
Florida drivers are now paying an average price of $2.50 per gallon. Despite last week's 10-cent increase, the state average remains 30 cents per gallon less than this year's highest daily price back in April.
The attacks on Saudi Arabia caused crude oil prices to surge by $8 per barrel on Monday. By mid-week, oil plummeted $4 a barrel after Saudi Aramco announced the attacks would not cause an extended disruption in supply. Saudi Aramco says its entire output capacity should be fully restored by the end of September. Additionally, Saudi Aramco stated that crude oil exports to customers would continue by drawing on existing inventories and offering additional crude oil production from other fields. Tanker loading estimates from third-party data sources indicate that loadings at two Saudi Arabian export facilities were restored to the pre-attack levels – based on analysis by EIA. These efforts have helped crude prices to stabilize, and they are expected to continue stabilizing into next week.
"The fact that crude prices didn't hover above $60 per barrel is great news for drivers," said Mark Jenkins, spokesman for AAA The Auto Club Group. "The state average appears to have stabilized, which indicates prices may have fully adjusted to last weeks crude spike, though it's possible there could be a delayed reaction at some retailers. Overall, the state average is in line with wholesale gasoline prices. Although fall gas prices typically trend lower, there remains upward pressure in the fuel market due to ongoing tensions between the US and Iran."
- Most expensive metro markets – West Palm Beach-Boca Raton ($2.60), Panama City ($2.58), Miami ($2.54).
- Least expensive metro markets – Jacksonville ($2.45), Tampa-St. Petersburg-Clearwater ($2.46), Punta Gorda ($2.46).
Florida vs. other states:
- Florida has the 16th lowest average price in the US ($2.50).
- The state had the 24th largest weekly price increase (10 cents). Kentucky drivers saw the largest weekly increase (20 cents); Georgia had the third-largest (16 cents).
- It had the 12th largest monthly increase (10 cents). The largest monthly increase occurred in Ohio (17 cents); Georgia had the sixth-largest (15 cents).
- Daily gas price averages can be found at Gasprices.aaa.com.