Florida gas prices increased another 4 cents last week and more pump price hikes are likely on the way, AAA says.
Amid growing concerns that the Russian invasion of Ukraine could impact global crude supplies, crude oil prices surged in overnight trading.
“Unless oil prices reverse course, the pain at the pump is about to get even worse for Floridians,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.
The crude oil market was already tight before the Russian attack on Ukraine began. Oil prices have increased by nearly $20 per barrel in 2022. The US price for oil is up nearly $50 (100%) since the beginning of 2021 and is currently $96 per barrel.
The busy spring and summer driving seasons are drawing near, which typically lead to strong fuel demand. Summer gasoline is moving into the market, which is more expensive to produce. Refineries are conducting seasonal maintenance, which can reduce normal gasoline production levels. And in addition to all those seasonal trends, there was an explosion at a Louisiana refinery last week.
Osceola County is seeing an average price of regular unleaded at $3.48 while the state average is at $3.51 per gallon. That’s the most expensive daily average since July 2014. Florida gas prices have risen an average of 33 cents per gallon since the beginning of 2022, and $1.33 per gallon since the beginning of 2021. The national average is currently at $3.61.
