Gas Prices Slip Pennies; AAA Says Increase Likely After Oil Price Hike

April 17, 2023

Florida gas prices slipped a couple cents last week, but could get more expensive soon, as global supply concerns caused oil prices to rise again last week.

Gas prices across Florida averaged $3.56 per gallon on Sunday. The state average is two cents less than the 2023 high of $3.58 per gallon and 44 cents less than this time last year.

The average in Escambia County was $3.45. In North Escambia, a low of $3.39 was available at a Highway 29 station in Cantonment, while Pensacola prices bottomed out at $3.21 at the warehouse clubs.

The U.S. price of crude only rose 2%, but it was enough to reach a new 2023 high of $83.26 per barrel. Ultimately, it amounts to what could be a 5 cent increase at the pump.

Crude prices rose last week on the belief that easing U.S. inflation could lessen the pressure on the Federal Reserve to raise interest rates, which could ultimately be bullish for gasoline demand. Also propping up prices is a report from the International Energy Agency which forecasts global fuel supplies may not be able to keep pace with global fuel demand, due to OPEC’s decision to cut oil production by more than 1 million barrels per day starting next month.

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Written by William Reynolds · Filed Under News