Florida Gas Prices Stabilize After 13-Cent Average Hike

October 25, 2021

Florida gas prices stabilized over the weekend after rising another 13 cents, last week. The state average now sits at $3.31 per gallon. That’s a new 2021 high, and the most expensive daily average price since October 2014.

The average price per gallon Sunday night in Escambia County was $3.23, up four cents from a week ago. The North Escambia low price was $3.17 at three Cantonment stations, while $3.12 per gallon could be found at a few stations on Highway 29 and on Nine Mile Road.

Florida pump prices have climbed a total of 26 cents this month. So far this year, the state average has increased a total of $1.12 per gallon since January 1. Florida drivers are now paying $1.23 per gallon more than this time last year, and 89 cents more than this time in 2019.

“Gas prices have been dragged higher by skyrocketing crude oil prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Crude oil prices have faced tremendous upward pressure, because global fuel demand is outpacing global production and supply levels. Although oil prices increased again last week, it was by a smaller margin than the weeks before. Fortunately, gasoline futures held steady. So even if gas prices increase again this week, it shouldn’t be as significant of a jump as what drivers have experienced so far this month.”

A rather uneventful week in the gasoline futures market is good news for motorists. Gasoline futures finished the week 1-cent lower than the week before. This is a positive indicator that retail pump prices could stabilize this week. Prior to last week, gasoline futures logged 12 cents gains in two consecutive weeks; and retail prices followed suit.

Comments

Comments are closed.

Written by William Reynolds · Filed Under News