Average price for regular unleaded in Florida at $3.82 per gallon
MIAMI - There's good news and bad news when it comes to the price of gas around the state.
First, the bad news. On Friday, the state average reached a new 2023 high of $3.84 per gallon - topping the previous high of $3.72, set back in April.
The good news is that since then, prices are inching downward. On Monday, the average price statewide for regular unleaded was $3.82 a gallon. That's 56 cents per gallon more than what Florida drivers paid on Independence Day. In Miami-Dade it was $3.78 while it was $3.85 in Fort Lauderdale and $3.91 in the Keys.
"Florida gas prices are now the highest since August of last year," said AAA spokesman Mark Jenkins. "These surging prices have been driven by a couple of factors. Extreme temperatures along the gulf coast have kept refineries from operating at full capacity. Globally, oil prices are significantly higher than a month ago, as OPEC production cuts cause global oil supplies to tighten."
About half the price per gallon of gasoline is influenced by oil prices. When gas prices were lower last month, crude oil was trading just below $70 a barrel. Now oil is above $80 per barrel. Friday's closing price of $82.81 per barrel is just 45 cents below the 2023 high.
Then there's the heat.
Extreme temperatures in the south have prevented fuel refineries from operating at full capacity. Refineries already generate incredible heat while operating. When outside temperatures exceed 100 degrees, that can cause breakdowns and equipment failures.
Last week's supply report from the EIA showed improvements in refinery operations. Additionally, gasoline demand may soon move lower as students return to school, signaling the end of the busy summer driving season.
The West Palm Beach and Naples metro markets had the highest average prices. The lowest averages were in the Panhandle.