Why are gas prices so high? Increasing heat pushing prices up at the pump
TAMPA, Fla. - Gas prices in Florida have surged to a new 2023 high, according to AAA.
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.
This is the fourth consecutive weekly jump at the pump.
Sunday's state average of $3.83 per gallon is 57 cents per gallon more than what Florida drivers paid on Independence Day.
File: Oil refinery
"Florida gas prices are now the highest since August of last year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "These surging prices have been driven by a couple of factors. Extreme temperatures along the gulf coast has 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."
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Meanwhile, 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, not to mention things beyond their control like rolling electrical outages and severe weather.
"There are some factors that should help alleviate some upward pressure on fuel prices, but one major wild card that could cause them to spike again," Jenkins said. "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."
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Jenkins cautions that there could be more volatility at the pump as we head into the peak of hurricane season.
That’s because the majority of Florida’s gasoline comes from refineries along the Texas, Louisiana and Mississippi coastlines.
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Jenkins says gas prices could spike if there is even a threat of a hurricane making landfall in that region.
File: Gas pumps
"How high gas prices go from there - and for how long - would then be based on whether those refineries suffered any long-term damage," Jenkins added.
He says the good news is that Florida gas prices are inching lower again after surging an average of 18 cents per gallon, last week.
According to AAA, the most expensive gas prices in Florida can be found in West Palm Beach, Homosassa Springs and Naples with prices between $3.90 - $3.96.
The least expensive gas is in Fort Walton Beach, Pensacola and Panama City with prices ranging from $3.58- $3.60.