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Florida gas prices jump again, hit new 2024 high last week

CBS News Live
CBS News Miami Live

MIAMI - The price at the pump continues to rise. Last week, the state average rose 12 cents per gallon, reaching a new 2024 high of $3.62 a gallon.

The increases were a reaction to gains in the futures market the week before.

"Fuel prices made modest gains in the futures market last week," said AAA spokesman Mark Jenkins. "Analysts believe OPEC and its allies will not lift production cuts before June, even as seasonal fuel demand is projected to grow."

Other factors also contributed to the increase, according to AAA.

  • Gasoline demand strengthens in the spring as temperatures rise and Americans travel for spring break.
  • Refineries are conducting seasonal maintenance, which can affect gasoline production and/or supplies.
  • Summer gasoline is moving into the market, which is more expensive to produce.
  • The global oil supply market is tight. Although the United States is producing oil at record levels again, OPEC+ extended production cuts to lower global supplies and prop up oil prices.
  • Geopolitical tensions fuel global demand concerns, after recent Ukraine drone attacks on Russian oil refineries.

Despite the recent increases, pump prices are following a similar trend that happened last spring. Sunday's state average of $3.59 a gallon is 11 cents more than what drivers paid this time last year. However, the current price is below last year's springtime high of $3.72 - which was recorded on April 21.

The most expensive markets for gas are West Palm Beach, Naples, and Port St. Lucie. The cheapest prices are in the panhandle.

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