The average price for a gallon of regular gasoline in Florida has reached $3.01. That's the highest daily average price since October 2014, according to AAA – The Auto Club Group.
On average, Florida drivers are paying 7 cents per gallon more than they were a week ago.
Jacksonville continues to have some of the lowest prices in Florida, averaging $2.98 a gallon, while Panama City was the most expensive at $3.13.
"Oil prices have surged nearly 60% this year, as global fuel demand outpaces the recovery in supplies. Unfortunately, these pump prices will likely hang around through the summer, unless fundamentals change. Tropical Storm Elsa is not expected to impact prices at the pump," said AAA spokesman Mark Jenkins in an email to WJCT News on Tuesday.
Last year, during the pandemic, many fuel-producing countries reduced crude oil output, due to plummeting fuel demand. According to the U.S. Energy Information Administration, U.S. production levels dropped a total of 24% from January 2020 to August 2020.
Although U.S. production levels have bounced back from mid-2020 lows, they remain 15% below pre-pandemic levels. Reopening rigs can take time due to staffing and other logistics, according to AAA.
U.S. crude oil prices soared from $47 per barrel in January to $75 per barrel last week. The last time crude prices exceeded $75 per barrel was during a brief period in October 2018, Jenkins said.