AAA: Florida gas prices inch lower after 6 cent jump

Published: August 9, 2021 1:38 PM EDT
Credit: CBS News.

Florida gas prices are inching lower after setting a new 2021 high last week. The state average jumped nearly 6 cents per gallon, briefly reaching $3.03 per gallon. That’s 2 cents more than the previous 2021 high (July), and was the highest daily average since October 2014.

By Sunday, the state average inched 1-cent lower. The state average of $3.02 per gallon is 5 cents per gallon more than a week ago, 1-cent per gallon more than a month ago, and 54 cents per gallon more than this time last year.

“Gas prices jumped early last week because of lower gasoline supplies and a weaker dollar,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “However by the end of the week, futures prices dropped 8% on a stronger dollar and concerns about how the spread of COVID-19 could curb global fuel demand. If sustained, lower futures prices would enable gas prices to slip lower this week.”

Market watchers are increasingly concerned about the spread of COVID-19 as cases reach multi-month highs in the United States, and China limits domestic travel and imposes lockdowns in affected areas. On Friday, crude oil prices closed at $5 a barrel less than the week before. Meanwhile, gasoline futures dropped 11 cents per gallon. The downward trend carried over into the weekend. Late Sunday night, crude oil and gasoline futures traded at 2% less than Friday’s settlement.

Regional Prices:

  • Most expensive metro markets – West Palm Beach-Boca Raton ($3.16), Panama City ($3.13), Tallahassee ($3.08)
  • Least expensive metro markets – Punta Gorda ($2.96), Orlando ($2.98), Jacksonville ($2.98), Fort Myers-Cape Coral ($2.99), Tampa Bay ($3.00)

Ways to Save on Gasoline:

  • Combine errands to limit driving time.
  • Shop around for the best gas prices in your community.
  • Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
  • Remove excess weight in your vehicle.
  • Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.