Florida - Monday April 15, 2024: The average cost for a gallon of unleaded fuel in Florida as of Sunday was $3.51, a 4-cent increase over last week.
That was a modest increase given the ominous developments in the mid-east, a pop in domestic gasoline demand, and oil prices rising to the mid-$80s per barrel. Higher demand and rising oil prices will likely nudge pump prices higher, as the uncertainty in the markets continues.
“Renewed Ukrainian attacks on Russia’s oil infrastructure and increasing tension in the Middle East spiked oil prices recently,” said Andrew Gross, AAA spokesperson. “And with the cost of oil accounting for roughly 60% of what we pay at the pump, there will likely be some upward pressure on prices.”
According to new data from the Energy Information Administration (EIA), gas demand rose from 8.72 to 9.23 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by 4.2 million bbl to 227.8 million bbl.