TAMPA (WFLA) — For the first time in three years, gas prices in Florida are averaging more than $2.90 per gallon.

Florida drivers are now paying $2.91 per gallon, the highest daily average price since May 2018, AAA says.

Florida gas prices have now reportedly increased by more than 70 cents since Jan. 1, and 30 cents since the start of March. According to AAA, the upward trend is largely driven by tightening global supply and an optimism that COVID-19 vaccinations will boost fuel demand.

The good news is wholesale gasoline prices dropped to 20 cents last week, meaning potentially less pain at the pump in the near future.

“Gas prices could soon begin to slip lower,” said AAA spokesman Mark Jenkins. “Weekly EIA data suggests that refinery operations are improving and gasoline supplies are increasing. Wholesale gasoline prices dropped nearly 20 cents last week. It’s unlikely that drivers will see such a dramatic swing at the pump, but it’s an indication that lower prices should be on the way.”

The most expensive gas prices in Florida metro areas are in West Palm Beach-Boca Raton ($3.01), Fort Lauderdale ($2.93), and Miami ($2.93). The least expensive metro areas are in Punta Gorda ($2.86), Crestview-Fort Walton ($2.87), and Pensacola ($2.88).

Daily gas price averages can be found at Gasprices.aaa.com.

One year ago Florida gas prices averaged $2.086. The record high for this time is $4.08 in 2008.