Florida gas prices face upward pressure on strong demand

Gas prices rose 2 cents nationwide last week, as prices in the southeast face upward pressure. Wholesale gasoline prices rose 8 cents in Florida and Georgia, and 7 cents in Tennessee. 

Florida gas prices averaged $2.74 per gallon on Sunday. The state average is 2 cents less than a week ago, 3 cents more than last month, and 45 cents more than a year ago.

The most expensive gas price averages in Florida are in Crestview-Fort Walton Beach ($2.89), Panama City ($2.86), and West Palm Beach-Boca Raton ($2.84)

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The least expensive gas price averages in Florida are in Tampa-St. Petersburg-Clearwater ($2.66), Punta Gorda ($2.66), and Orlando ($2.66)

“Motorists may see higher gas prices this week,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Strong demand and lower inventories pushed wholesale prices higher. The added cost for retailers will likely be passed along to motorists. Based on demand figures, summer drivers are unfazed by higher prices at the pump this year. Fortunately, a potential 5-10 cent increase this week would still leave pump prices below this year’s highs.”

Although oil prices held relatively steady last week, gasoline futures surged for the second week. The price for gasoline on the NYMEX rose a total of 16 cents during the past two weeks, pushing wholesale gas prices higher. Gasoline rose in response to EIA data that showed a dip in gasoline supply inventories, as gasoline demand reaches near record levels. Gasoline demand for the week of July 20, was the fourth highest weekly rate this year. 

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