Florida Gas Prices Rise 13 Cents; Set New 2024 High

April 22, 2024

Florida 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 Wednesday, the state average reached a new 2024 high of $3.64 per gallon. Last year’s high was $3.85 per gallon.

The Pensacola metro had the lowest average in the state at $3.32 per gallong. A low of $3.16 could be found Sunday night in North Escambia at two stations on Highway 29 in Cantonment. In Pensacola. the low price awas $3.07 at a station on west Nine Mile Road.

“Volatility in the oil market has greatly contributed to rising prices at the pump in recent weeks,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Oil prices have been reacting to rising geopolitical tensions between Israel and Iran, and OPEC’s decision to extend production cuts, in effort to crimp global fuel supplies.”

About half the price of gasoline is influenced by the price of oil. Higher oil prices contribute to higher gasoline production costs. 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.

NorthEscambia.com file photo.

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Written by William Reynolds · Filed Under News