Florida Gas Prices Up 3 Cents From Last Week

 

PALM BEACH, Florida – Gas prices in Florida increased by 3 cents per gallon to $3.34 from last week, according to AAA.

"Florida gas prices inched higher last week and are likely to get even more expensive either this week or next," said Mark Jenkins, spokesman, AAA - The Auto Club Group. 

“Gasoline futures shot up 30 cents late last week. That's an indicator that summer-blend gasoline has moved into the market. Drivers should expect a jump at the pump, but how much remains to be seen.”

From March to April, refineries switch from producing winter-blend gasoline to summer-blend. The EPA requires the switch in effort to reduce smog. The difference in blends is based on something called Reid Vapor Pressure (RVP). 

Winter-blend gasoline has a higher RVP than summer-blend. During warmer months, fuels with a high RVP could boil in your gas tank and evaporate, causing air pollution. 

AAA says that the switch to summer-blend typically leads to a 15 cent jump at the pump. However, the market was also bullish on the belief that OPEC and its allies would extend voluntary oil production cuts, which they did on Sunday. 

The cuts were set to expire at the end of March, but will now continue until the end of June, in effort to keep upward pressure on prices. 

On Friday, the U.S. price for a barrel of crude settled at $79.97. That's $3.48 per barrel (+5%) more than the week before. That's the highest daily settlement since November. 

Most Expensive Florida Metro Markets:

West Palm Beach-Boca Raton ($3.52)

Naples ($3.42)

Fort Lauderdale ($3.40)

Least Expensive Metro Markets:

Panama City ($3.12)

Crestview-Fort Walton Beach ($3.13)

Pensacola ($3.12)