WEST PALM BEACH, Fla. (CBS12) — Florida is seeing a spike in gas prices, with the state average jumping 57 cents per gallon in just a week.

AAA reported that as of Sunday, the average price sits at $3.45 per gallon, marking the highest level since August 2024. Compared to a week ago, this price is 56 cents higher, 59 cents more than a month ago, and 35 cents above the same time last year.

According to Mark Jenkins, a spokesperson for AAA – The Auto Club Group, “Prices at the pump moved up quickly early last week as oil prices rallied. With oil taking another large step higher on Friday, drivers should prepare for additional increases as retailers and suppliers adjust their prices.”

What’s causing the increase?

According to AAA, the primary reason for the rising gas prices is a jump in oil and gasoline futures.

The report states that last week, the price of crude oil surged by 36%, the largest increase in twenty years. On Friday, crude oil reached $90.90 per barrel, nearly $24 higher than the previous week and the highest it has been since September 2023. Gasoline futures also rose sharply, climbing 67 cents per gallon.

Jenkins explained, “Oil is the biggest input cost in gasoline, so when crude and gasoline futures rise, retail prices typically follow. U.S. fuel supplies remain steady, and there are no shortages expected, but higher prices reflect increased costs rather than a lack of fuel.”

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Global factors impacting prices

Officials said that global tensions, particularly around the Strait of Hormuz, which accounts for about 20% of the world’s oil supply, are causing reactions in fuel markets. Safety concerns have halted traffic in the strait, limiting global oil supply and pushing prices higher. Over the weekend, U.S. crude oil prices spiked nearly $20, reaching about $110 per barrel, AAA said.

Despite these challenges, U.S. fuel deliveries continue without interruption, and gas stations are adequately supplied. However, AAA said that future price increases will depend on how long the conflict lasts and when shipping through the Strait of Hormuz can resume.

How high could prices go?

AAA said that while it’s difficult to predict how high gas prices may rise, past events provide some context. During the 2022 Russia–Ukraine conflict, Florida’s average price reached $4.87 per gallon when U.S. crude oil hit over $120 per barrel.

AAA noted that typically, gasoline prices increase by about 2.5 cents for every $1 rise in crude oil.

Regional price differences

Gas prices vary across Florida, with some areas experiencing higher costs than others.

The most expensive metro markets include West Palm Beach-Boca Raton at $3.57 per gallon, Naples at $3.53, and Homosassa Springs at $3.52.

The least expensive markets are Crestview-Fort Walton Beach at $3.05, Panama City at $3.09, and Pensacola at $3.13.

Tips to save on gas

To help drivers save on fuel, AAA offered several tips:

Avoid rapid acceleration and hard braking to improve fuel efficiency.Maintain steady speeds; using cruise control can help.Remove unnecessary cargo and roof racks to lighten your vehicle.Check tire pressure regularly and keep tires properly inflated.Stay on top of vehicle maintenance, including regular oil changes.Combine errands to limit unnecessary trips.