AAA: Gas prices weaken as crude prices fall from 2021 highs

From AAA

The state average price for gasoline in Florida has fallen back below $3 a gallon for the first time this month. The average price for gasoline is now $2.99. That's down 2 cents from last week, yet still 4 cents more than a month ago.

"Crude oil prices declined last week, which has enabled gasoline prices to weaken," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The crude futures market is digesting the recent news that OPEC and its oil producing allies plan to gradually increase oil production this year. Initial reports led to lower prices last week, but it's unclear where the crude market will go from here. For now, drivers can enjoy a break from rising prices at the pump, with the possibility that retail prices slip a few more cents this week."

Gasoline prices have increased a total of 82 cents this year. The main driver behind the jump at the pump has been the price of crude. Domestic oil prices have increased as much as 57% since January, as global crude oil supplies struggled to keep up with rising demand.

Last week, the price for domestic crude reached a new 2021 high of $75.25 per barrel. That was the highest daily average price since October 2018. However, that price quickly disappeared by mid-week, falling a total of 4% by Friday, to finish the week at $71.81 per barrel. The decline was in reaction to news that OPEC and its allies plan to gradually return 5.8 million barrels a day of production, since making deep cuts last year. According to our partners at OPIS, the increase is not expected to totally ease tightness in fuel markets this summer, as demand rises amid a re-opening of economies hobbled by the COVID-19 pandemic.

"While this news may not mean significant relief at the pump, it could help prevent prices from going much higher," Jenkins said.

Apopka Prices

Regional Prices

Most expensive metro markets – Panama City ($3.15), West Palm Beach-Boca Raton ($3.14), Tallahassee ($3.07)

Least expensive metro markets – Punta Gorda ($2.89), Jacksonville ($2.94), Orlando ($2.94), Fort Myers ($2.95), Tampa Bay ($2.96)

Gas Price Survey Methodology

AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.