Fort Pierce - Monday March 25, 2024: Florida gas prices are moving lower again after jumping early last week. The state average rose 10 cents by Wednesday, setting a new 2024 high of $3.56 per gallon.
Since that time, the Florida average logged daily declines, falling a total of 5 cents. On Sunday, the state average was $3.51 per gallon. That's 4 cents more than a week ago, and 11 cents more than this time last year.
"Gas prices took a step back late last week, but there's still plenty of upward pressure in the fuel market," said Mark Jenkins, spokesman, AAA - The Auto Club Group.
Factors contributing to upward pressure in the fuel market:
- Gasoline demand strengthens in the spring as temperatures rise and Americans travel for spring break.
- Refineries are conducting seasonal maintenance, which can affect gasoline production and/or supplies.
- Summer gasoline is moving into the market, which is more expensive to produce.
- The global oil supply market is tight. Although the United States is producing oil at record levels again, OPEC+ extended production cuts to lower global supplies and prop-up oil prices.
- Geopolitical tensions fuel global demand concerns, after recent Ukraine drone attacks on Russian oil refineries,
U.S. crude oil prices surged to new 2024 highs last week, but settled the week lower than the week before. Tuesday's price of $83.47 per barrel was the highest daily settlement of the year. But that price dropped to $80.63/b by Friday.
"Although oil prices finished at a loss last week, there could still be another gas price hike on the way," Jenkins continued. "We saw some big oil price gains during the past two weeks, and it can take a week or two before those adjustments move through the retail market."
Visit GasPrices.AAA.com to view state and local average gas prices
Regional Florida Prices
- Most expensive metro markets – West Palm Beach-Boca Raton ($3.71), Naples ($3.61), Fort Lauderdale ($3.58)
- Least expensive metro markets – Panama City ($3.24), Crestview-Fort Walton Beach ($3.26), Pensacola ($3.28)
Find Florida Gas Prices
- Daily gas price averages can be found at Gasprices.aaa.com
- State and metro averages can be found here
Ways to Save on Gasoline
- Combine errands to limit driving time.
- Shop around for the best gas prices in your community.
- Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
- Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
- Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
AAA Resources for Drivers
- Enroll in savings programs. AAA Members who enroll in Shell's Fuel Rewards program can save 30 cents per gallon on their first fill-up and 5 cents per gallon each additional trip to the pump. Click here for more information.
- Get a tune-up. Ensure your vehicle is properly maintained to optimize its fuel economy. Visit AAA.com/AutoRepair to find a certified repair shop.
- Find the lowest gas prices in your area by using the free AAA mobile app.
- Determine anticipated fuel costs for your trip by using the AAA's Gas Cost Calculator.