TAMPA — Florida gas prices slipped a couple cents last week, but could get more expensive soon, as global supply concerns caused oil prices to rise again last week.
The U.S. price of crude only rose 2%, but it was enough to reach a new 2023 high of $83.26 per barrel. Ultimately, it amounts to what could be a 5 cent increase at the pump.
Gas prices averaged $3.56 per gallon on Sunday. The state average is 2 cents less than the 2023 high of $3.58 per gallon and 44 cents less than this time last year, when drivers paid $4.00 a gallon for regular unleaded.
Crude prices rose last week on the belief that easing U.S. inflation could lessen the pressure on the Federal Reserve to raise interest rates, which could ultimately be bullish for gasoline demand. Also propping up prices is a report from the International Energy Agency which forecasts global fuel supplies may not be able to keep pace with global fuel demand, due to OPEC’s decision to cut oil production by more than 1 million barrels per day starting next month.
Historic flooding in South Florida led to reports of gasoline outages at various filling stations in the region. The flooding interrupted operations at fuel terminals in Port Everglades, which is the hub for about 40% of the gasoline that sails into the state. To offset the shortage, gasoline was brought in from Port Canaveral, Tampa and Orlando. The good news is that operations have reportedly been restored at Port Everglades and gasoline supplies in the region should return to normal very soon. It’s just a matter of filling the gasoline trucks at the terminals and delivering the fuel to the gas stations that need it.
Residents who suffered flood damage to their home or automobile are encouraged to document the damage and contact their insurance provider as soon as possible to begin the claims process. Residents should also be very leery of careful not to fall victim to contractor fraud. Click here for more advice from the insurance experts at AAA.
• Most expensive metro markets – West Palm Beach-Boca Raton ($3.74), Miami ($3.65), Fort Lauderdale ($3.63)
• Least expensive metro markets – Panama City ($3.44), Crestview-Fort Walton Beach ($3.44), Pensacola ($3.46)
• 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.
• 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.
To view gas prices, visit https://gasprices.aaa.com/