Florida drivers are paying more at the pump this week as gas prices continue their steady march toward the $4-a-gallon mark, with experts warning the upward trend may not be over.
According to AAA, the average price for a gallon of regular gasoline in Florida climbed to $3.95, slightly above the national average of $3.94. Nationwide, prices jumped 10 cents in just one week, reversing the declines many motorists enjoyed earlier this summer.
The increase comes as instability in the Middle East—particularly around the Strait of Hormuz, one of the world’s most important oil shipping routes—continues to rattle energy markets. Concerns that the conflict could disrupt global oil supplies have helped push U.S. crude prices toward $80 per barrel, driving gasoline prices higher across much of the country.
While the national average remains just below $4 per gallon, it’s getting close. Earlier this year, Americans paid more than $4 per gallon throughout April and May and for much of June. The national average last topped the $4 mark on June 17, when it reached $4.02 per gallon.
Fresh data from the U.S. Energy Information Administration paints a picture of a tightening fuel market.
Gasoline demand remained essentially unchanged last week at 8.84 million barrels per day, but supplies continued to shrink. Domestic gasoline inventories fell from 212.1 million barrels to 210.5 million barrels, while gasoline production slipped to an average of 9.6 million barrels per day.
Crude oil inventories also declined. The EIA reported U.S. crude stockpiles dropped by 1.7 million barrels last week, leaving inventories at 409.7 million barrels—about 6% below the five-year average for this time of year.
Oil prices responded accordingly. U.S. benchmark West Texas Intermediate crude settled Wednesday at $79.60 per barrel, up 26 cents from the previous trading session.
Not every state is feeling the pain equally.
Hawaii continues to have the nation’s highest average gas price at $5.43 per gallon, followed by California ($5.40), Washington ($4.98), Alaska ($4.67) and Nevada ($4.55).
At the other end of the spectrum, drivers are still finding bargains in parts of the Midwest and South. Indiana has the nation’s lowest average price at $3.31 per gallon, followed by Mississippi ($3.49), Louisiana ($3.53), Texas ($3.54) and Oklahoma ($3.55).
For Florida motorists, the trend is clear: filling up is getting more expensive again. Unless tensions ease overseas or oil prices retreat, drivers could soon be staring at average gas prices above $4 per gallon once again.
