Daytona Beach, FL - Analysts say Florida's gas prices could rise this week after optimism about rising global fuel demand sent crude oil prices to multi-year highs.
Recent analysis from AAA indicates a 5 percent jump in crude oil prices came last week while the price for West Texas Intermediate (WTI) crude oil settled at $69.62 per barrel on Friday (June 4), the highest daily settlement since October 2018.
"Rising crude oil and gasoline futures could drag retail gasoline prices higher this week," said Mark Jenkins, spokesman for AAA. "Based on the shift in wholesale gasoline prices, Florida's state average may rise a minimum of 5-10 cents this week."
However, despite fears of price increases, Florida's average gas price has remained relatively steady, just dropping by a penny since last week from $2.86 per gallon of regular unleaded, to $2.85. Local prices barely budged at all. According to AAA's report, the average price for gas in the Daytona Beach area remained around $2.83 between this week and last. Flagler County was also found to have an average price of $2.83 per gallon as well.
Still, experts expect prices to rise as optimism grows over the reopening of economies around the globe. Meanwhile, market watchers are concerned that fuel supplies will not be able to keep pace.
According to AAA, the Panama City area was found to have the highest average price of gas in the state at $3.05 per gallon, while Punta Gorda again had the lowest average in the state with $2.75.
The national average currently sits at $3.05, up from $3.04.