Florida gas prices start to fall after reaching new high last week

WEST PALM BEACH, Fla. (CBS12) — Gas prices are starting to dip again, falling 5 cents after a jump early last week.

This comes after the state average price at the pump rose 10 cents Wednesday, which set a new 2024 record of $3.56 per gallon, according to the American Automobile Association.

"Gas prices took a step back late last week, but there's still plenty of upward pressure in the fuel market," said AAA spokesperson Mark Jenkins.

The state average totaled $3.51 per gallon on Sunday, which is 11 cents more than last year, AAA reported.

Various global and domestic factors have contributed to this year's increase in prices.

Some of those variables include:

• Gasoline demand strengthens in the spring as temperatures rise and Americans travel for spring break.
• Refineries are conducting seasonal maintenance, which can affect gasoline production and/or supplies.
• Summer gasoline is moving into the market, which is more expensive to produce.
• The global oil supply market is tight. Although the United States is producing oil at record levels again, OPEC+ extended production cuts to lower global supplies and prop-up oil prices.
• Geopolitical tensions fuel global demand concerns after recent Ukraine drone attacks on Russian oil refineries

And as per usual, West Palm Beach-Boca Raton remains the most expensive metro market for gas prices, with $3.71 per gallon -- 20 cents above the state average.