Florida gas prices increased last week, as anticipated, AAA said in its weekly report. Sunday's state average of $3.69 per gallon is 8 cents more than the week before.
Many area stations that were selling regular unleaded in the $3.37 to $3.47 range shot up to $3.69 midweek, keeping a trend of prices falling a penny or two a day after a big increase -- until the next increase of a quarter or more. Why? Supply and demand, which fuels most of our economy. Or, in this case, simply supply.
"Global fuel supplies continue to tighten, putting upward pressure on oil prices and subsequently, the price of gasoline," said Mark Jenkins, spokesman, AAA - The Auto Club Group.
The Osceola and Orange county average is $3.68, up 12 cents in the last week. But, This time a month ago the price averaged $3.88, showing the market's volatility. This time a year ago, the price was $3.38.
OPEC oil production cuts have caused crude oil prices to strengthen through the past month. On Friday, the U.S. price of oil closed at $90.77 per barrel. That was the highest daily price of 2023, and the most expensive since early November 2022.
Sunday's state average remains 16 cents below this year's high of $3.85 per gallon. On average, Florida drivers are currently paying $55 to fill an average-sized tank of gas. That's nearly $3 less than when gas prices were at their 2023 peak.
