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Florida gas prices hit new 2024 peak last week then dropped a bit

CBS News Live
CBS News Miami Live

TALLAHASSEEFlorida gas price rollercoaster hit a new 2024 peak last week before dropping a bit. 

According to AAA, the state's 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 Monday morning, the average price in Miami-Dade was $3.58 a gallon, up from $3.55 a week ago. In Broward, the average price was $3.63 a gallon, up from $3.57 a week ago.  

On Wednesday, the state average was $3.64 per gallon, the highest so far this year. Last year's high was $3.85 per gallon. Sunday's price of $3.58 per gallon is 2 cents higher than a month ago, yet 14 cents less than this time last year.  

Volatility in the oil market has greatly contributed to rising prices at the pump in recent weeks, according to AAA.

 "Oil prices have been reacting to rising geopolitical tensions between Israel and Iran, and OPEC's decision to extend production cuts, in an effort to crimp global fuel supplies," said AAA spokesman Mark Jenkins.  

 About half the price of gasoline is influenced by the price of oil. 

"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," according to AAA.  

The most expensive places to fill up are in West Palm Beach, Homosassa Springs, and Naples. The cheapest prices are in the panhandle.

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