Power outages at fuel refineries send gas prices to 19-month highs

 From AAA

Florida gas prices shot up last week, as arctic weather wreaked havoc on the Gulf Coast refinery region and caused a surge in fuel prices. Power outages knocked gasoline refineries in Texas and neighboring states offline and interfered with fuel shipments out of the area.

Much of Florida’s gasoline comes from refineries in Texas, Louisiana and Mississippi. So an interruption to the supply line there has a direct impact on prices here. However, Florida is not alone. This region is a major source of gasoline in the United States, accounting for more than 45% of total U.S. petroleum refining capacity. This storm reportedly impacted a little more than half of refinery capacity in the Gulf Coast region.

Although there is not currently a gasoline supply shortage, concerns about reductions in gasoline production caused fuel prices to climb. Crude oil prices rose nearly 3% last week, reaching $61.14 per barrel. Wednesday’s settlement was the highest since January 2020. Wholesale gasoline prices jumped 7% last week, reaching a level not seen since July 2019.

On average, Florida gas prices jumped 15 cents last week. Drivers are now paying an average price of $2.61 per gallon. That’s the highest daily gas price average since July 2019. 

“This pump price hike is similar to what you’d expect if a hurricane struck the gulf coast region,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Just like the aftermath of a hurricane, workers are working to return to normal operations. Any reports of extended downtime or significant supply impacts could cause another round of rising prices.”

Seminole County Gas Prices

Lowest Gas Prices in Altamonte Springs, Casselberry, Lake Mary, Longwood, Oviedo, Sanford, Winter Springs

Price Station Address City Time
2.460 Circle K N Ronald Reagan Blvd Longwood Feb 22, 8:54 AM
2.480 Costco 741 Orange Ave Altamonte Springs Feb 22, 10:57 AM
2.490 CITGO 3802 S Orlando Dr Sanford Feb 21, 5:08 PM
2.540 Sam’s Club 1101 Rinehart Rd Sanford Feb 22, 3:02 PM
2.550 Murphy USA 1661 Rinehart Rd Sanford Feb 22, 3:03 PM
2.560 Mobil 5689 W FL-46 Sanford Feb 22, 3:10 PM
2.560 Shell 5690 W FL-46 Sanford Feb 22, 3:10 PM
2.560 7-Eleven 4900 W FL-46 Sanford Feb 22, 3:08 PM
2.560 Wawa 4660 W Sr 46 Sanford Feb 22, 3:06 PM
2.560 BP 2500 S FRENCH AVE Sanford Feb 21, 6:17 PM

Regional Prices

  • Most expensive metro markets – West Palm Beach – Boca Raton ($2.71), Fort Lauderdale ($2.64), Ocala ($2.63)
  • Least expensive metro markets – Panama City ($2.52), Crestview-Fort Walton Beach ($2.54), Pensacola ($2.57)

Find Florida Gas Prices

  • Daily gas price averages can be found at Gasprices.aaa.com 
  • State and metro averages can be found here
AAA GAS PRICE AVERAGES
(Price per gallon of regular unleaded gasoline)
Sunday Saturday Week Ago Month Ago One Year Ago Record High
National $2.631 $2.623 $2.505 $2.396 $2.468 $4.11   (7/17/2008)
Florida $2.606 $2.603 $2.463 $2.399 $2.418 $4.08   (7/17/2008)
Georgia $2.513 $2.486 $2.331 $2.246 $2.303 $4.16   (9/15/2008)
Click here to view current gasoline price averages

 

Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

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