Gas prices near me: Fuel cost rises in Palm Beach County Florida - Palm Beach Post

Gas prices near me: Fuel cost rises in Palm Beach County Florida

Gas prices on the rise. They jumped 13 cents since last week
Cheryl McCloud

It's not your imagination: Gas prices are going up.

Fast.

The national average for a gallon of gas jumped 13 cents since last week to $3.71, according to the American Automobile Association.

While below the national average, gas prices in Florida have hit $3.66 for a gallon of regular as of July 27.

That's an increase of 20 cents from the average cost of $3.459 a week ago.

As is normally the case, Palm Beach County has the highest gas prices in the state, at $3.80. Prices were $3.50 a gallon a month ago.

Looking back, though, state and Palm Beach County prices are still below the average of a year ago: $4.03 in the state and $4.26 in the county.

How gas prices have changed in Florida

The highest recorded average price for regular unleaded gas in Florida was $4.891 on June 13, 2022.

Why have gasoline prices been going up?

The primary cause appears to be the price of oil, which is almost $4 higher over the past few days and now hovers near $80 per barrel.

In June, Saudi Arabia announced it will reduce how much oil it sends to the global economy in an effort to prop up the sagging price of crude. The announcement came as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year.

Saudi Arabia cut production by 1 million barrels per day, which started this month.

Oil accounts for almost 50 percent of the cost of a gallon of gas, according to AAA.

The Energy Information Administration reported domestic commercial crude inventories decreased by 600,000 billion barrels to 456.8 million billion barrels.

"With supplies tight, if demand should spike, pump prices will follow suit," according to AAA.

More: As global oil production is reduced, will gas prices increase or decrease? The answer is mixed.

Are people using more gas?

“Gas demand, meaning people fueling up, remains tepid," said Andrew Gross, AAA spokesperson.

"It’s lower now than at this time last year and in 2021. But while the heat may be keeping some folks home, it also suppresses refinery production, according to experts. Constrained supplies and a higher cost of oil are tipping the balance toward rising pump prices for now.”

More: 'Dangerous' heat threatens millions of Americans; Arizona county brings in coolers to store bodies: Updates

Florida among the top 10 states with the largest increase in gas prices

These 10 states have seen the largest increases in the average price of gas over the past week:

- Indiana: 23 cents.
- Florida: 20 cents.
- Iowa: 20 cents.
- Ohio: 19 cents.
- Georgia: 19 cents.
- Kansas: 18 cents.
- Tennessee: 18 cents.
- Texas: 18 cents.
- North Carolina: 18 cents.
- South Carolina: 18 cents.

More: Diesel supply dwindles, with few ways to boost it. How this affects the economy and you.

What states have the most expensive gas?

The nation’stop 10 most expensive markets for gasoline:

- California: $4.93.
- Washington: $4.93.
- Hawaii: $4.69.
- Oregon: $4.59.
- Alaska: $4.31.
- Nevada: $4.24.
- Utah: $3.94.
- Idaho: $3.89.
- Illinois: $3.95.
- Colorado: $3.92.