TAMPA, Fla., (February 15, 2021) — Florida gas prices took a step back last week. The average price for a gallon of gasoline declined 2 cents, since last Sunday.
“Drivers got a break from rising prices at the pump, last week,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Although there was a small decline, pump prices remain at a level that hasn’t been seen in more than a year.”
The year began with gas prices averaging $2.20 per gallon. Now, Florida drivers are paying an average price of $2.46. That raises the cost of filling a tank of gas by $4 (based on a 15-gallon fuel tank).
“Unfortunately, the recent jump at the pump may not be over yet,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Pump prices could eventually reach $2.60 per gallon in the coming weeks, as refineries prepare to switch to summer blend gasoline. Summer gasoline typically costs more to produce, because it contains more additives, which work to reduce smog during the hotter months.”
Also keeping upward pressure on gasoline is the price of crude. US crude oil reached a new 2021 high of $59.47 per barrel. Friday’s closing price was nearly $3 (5%) more than the week before. Oil prices rose last week after reports of declining crude inventories in the US – and other countries – which suggest that the OPEC+ crude production cuts are successfully reducing excess crude supplies, due to the pandemic’s limiting effect on demand. Additionally, oil prices rose Friday following reports that Yemen launched drone attacks on a Saudi Arabia airport.