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AAA: Rising Oil Prices Could Pressure Gas Prices Higher

(MIAMI (CBSMiami) -- Florida gas prices dropped another penny last week, with some drivers finding much deeper discounts at the pump. Although the state average was $3.20 per gallon on Sunday, seven percent of Florida gas stations had pump prices below $3 a gallon.

"January gas prices are often driven down by lower fuel demand. Unfortunately, that downward trend at the pump may soon come to an end," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Oil prices shot up last week and that could restore upward pressure in prices at the pump."

The price of WTI (U.S.) oil rose 5% last week, reaching a 7-week high of $79.46 on Thursday. The increase was mostly due to concerns about how the unrest in Kazakhstan and logistical problems in Libya would hamper global fuel supplies. Friday's settlement of $78.90 per barrel was $3.69/b more than the week before. The price of oil has increased a total of 11% in the last three weeks.

State Average

  • Sunday's Avg. Price - $3.20
  • 2021 High - $3.36
  • 2021 Low - $2.19

Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($3.41), Naples ($3.31), Fort Lauderdale ($3.25)
  • Least expensive metro markets – Crestview-Fort Walton Beach ($3.08), Melbourne-Titusville ($3.11), Sebring ($3.12)
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