High gas prices - pouring money into gas tank

PAIN AT THE PUMP — Reflecting national trends, gas prices are once again creeping up around West Volusia. As a result, motorists are pouring more cash into their gas tanks.

Florida gas prices surged again early this month, jumping another 15 cents per gallon, according to a recent report from AAA. The state average last week was $2.87 per gallon — the highest daily average price since June 2018. And the pump price was expected to rise even more afterward.

“Global and domestic supply and demand continues to be the story behind rising prices at the pump,” Mark Jenkins, spokesman of AAA - The Auto Club Group, said in a news release last week. “Global crude oil supply is tightening after OPEC+ extended production cuts beyond April. Domestically, gasoline demand is beginning to rise, while gasoline supplies lag behind due to refinery outages caused by the arctic weather that hit Texas last month. Unfortunately, we may be in store for another round of increases […] dragging the state average even closer to $3 a gallon.”

Florida’s average price has increased 67 cents per gallon since starting the year at $2.20. The main driver of that increase has been the price of crude oil, which increased nearly 40 percent since Jan. 1.

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— Compiled by Business Editor Joe Crews