Florida gas prices are inching lower after surging to the highest levels this summer. The state average rose nearly 30 cents per gallon during the past two weeks.
On Friday, the state average reached $3.67 per gallon. Although that was the highest daily average price since mid-April, it remains below the 2023 high of $3.72 per gallon.
“Oil prices are the primary culprit behind the recent jump at the pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The U.S. price of oil rose 15% through the past five weeks, which raised the cost of producing gasoline.”
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Earlier this month, when gas prices were lower, the U.S. price of oil traded at around $70 per barrel. On Friday, the price of oil settled at $80.58 per barrel.
According to the Oil Price Information Service (OPIS), prices are being sent higher by strong economic data, which raises expectations for fuel demand.
Additionally, record-breaking heat has led to some refinery outages along the Gulf Coast, leading to reductions in fuel output.
The latest data from the U.S. Energy Information Administration shows refinery operations in the Gulf Coast last week at 93.3%.
That’s down 1.5 percentage points from the previous week and significantly lower than the 97% rate refineries were operating at last year.
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