National gas prices have spiked nearly 40 cents to $2.86 since last month’s winter storm in Texas, according to data collected by AAA.
That trend is expected to continue as gasoline stocks decline and U.S. demand increases amid falling COVID-19 case numbers.
“On average, Americans are paying 14 percent more to fill-up compared to February,” said AAA spokesperson Jeanette McGee. “With increased demand and tighter gasoline supplies, we are looking at more expensive pump prices with little relief in the weeks ahead.”
Florida is a leading example of the increase, ranking fourth among states last week when the average price jumped 15 percent. Florida was one of 20 states that experienced a double-digit spike, but the state still comes in a penny less than the national average. The average cost of unleaded gas in Gainesville is 2 cents higher than the state average.
Florida prices are up around a dollar per gallon from last year, as gas prices plunged in the wake of the pandemic lockdowns.
Nationally, AAA reports that demand is as high as it’s been since November, which also saw stocks as low as they are today.
However, the good news for consumers is crude oil stock prices have stabilizing around $64-$66/bbl.
“If crude sustains at this level, especially as refinery utilization increases, the jumps at the pump are likely not to be so substantial by April,” AAA said in a statement.