DAYTONA BEACH — Gas prices continue to rise in Florida, where the cost of a gallon of regular gasoline in April reached the highest point for that month in the past four years, according to AAA auto club.
On Wednesday, the statewide average price of a gallon of regular gas hit $2.73, up from April’s month-long average of $2.67, according to AAA.
That price is 9 cents higher than the state average a month ago and 33 cents higher than the state average of $2.40 per gallon a year ago at this time. The highest price on record for a gallon of regular gas in Florida was $4.08, logged on July 17, 2008.
In Daytona Beach, the price of a gallon of regular gas on Wednesday ranged from $2.62 to $2.89, according to the online price-tracking site GasBuddy.com. In Flagler County, the price ranged from $2.65 to $2.79 in Palm Coast on the same website.
"Although this was the most expensive April gas prices we've seen in years, fuel is still nearly a dollar less than what we paid in April 2014," said Mark Jenkins, AAA spokesman. "The higher prices at the pump are mainly a result of a tightening oil market, which leaves us prone to price hikes based on geopolitical tensions and supply shortage concerns.
“Crude prices are about 33 percent more expensive than they were this time last year,” Jenkins said. “Expensive oil means expensive gasoline."
Nationally, April gas prices averaged $2.72 per gallon, an increase of 33 cents from April 2017. Nationwide, Americans are paying 42 cents per gallon more than they did this time last year. This week’s national average of $2.81 is the highest in more than three years, dating to November 2014.
Fuel prices rose even after crude oil and gasoline supplies increased last week, AAA reported.
Oil stocks rose 0.1 percent and gasoline climbed 0.4 percent. However, these gains would have been more significant had the U.S. not exported a record amount of fuel. Crude oil exports surged to 2.3 million barrels per day, shattering the previous record of 2.175 million, according to the Energy Information Administration's latest supply data.
The main recipients of U.S. fuel exports were Central and South America, as well as firms in Europe and Asia. Despite U.S. oil production rates at 14 percent better than a year ago, inventories are down 10 percent, according to AAA.
Meanwhile, demand slipped last week, contributing to the growth in gasoline stocks. Gasoline demand sank to its lowest level in nearly two months, declining 8 percent from the previous week. Analysts are unsure whether this is a one-week quirk or if high gasoline prices are causing drivers to cutback, AAA reports.
AAA has forecast that two-thirds of an estimated 88 million families taking vacation this summer plan to drive to a destination.