Gas prices in Florida decreased marginally last week but are expected to rise again shortly in the coming weeks.
According to the Auto Club Group, Florida’s average gasoline price reached a new 2022 high of $3.47 per gallon on Wednesday, making it the state’s most expensive daily average price since July 2014.
As of Monday, the national average was $3.49, the state average was $3.45, and the city’s average was $3.43 a gallon of gasoline.
According to Mark Jenkins, AAA spokeswoman, “Pump prices have gone marginally down entering the weekend, but don’t be shocked if they climb again in the near future.” The Fresh York Times reports that “oil prices reached new highs for the year 2022 on Friday, on fears about the possibility for a Russian invasion of Ukraine to result in sanctions against Russian oil, which may make the oil market much tighter than it is already.”
So far this year, oil prices in the United States have jumped by 22 percent, with 7 percent of the increase occurring in the last two weeks alone.
AAA stated in a press release on Monday that “so far, Florida pump prices have not responded to that increase, which was about 15 cents per gallon.”
Gas Prices in Florida Are at Their Worst Level in Eight Years – and They Might Become Even Worse
Gas prices in Florida have risen 12 cents in the last week and 24 cents in the last two weeks, and the bad news is that analysts believe they will rise more before falling again.
“Unfortunately, it appears like the agony at the pump may grow, since oil prices witnessed another significant wave of rises last week,” said Mark Jenkins, an American Automobile Association representative who analyses gasoline prices. “The rise in petroleum prices has been fueled by geopolitical concerns about Russia, cold weather, and a drop in global crude supply.” The price of crude oil increased by $6 last week, which, if sustained, might result in another 10-15 cent increase at the pump in the coming weeks.”
According to AAA, the state average for a gallon of normal unleaded gasoline on Monday morning was $3.47, the most since July 2014. The average price of mid-grade gas is $3.81, while premium gas is $4.11.
Jenkins stated that the price of crude oil in the United States surpassed $90 per barrel on Friday for the first time since October 2014.
While the national average saw one of its largest weekly jumps in the last year or so, average #gasprices should calm down significantly this week- prices are actually down 3c/gal from the $3.45/gal peak due to price cycling now leading some states stations to lower prices.
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) February 7, 2022
“Friday’s settlement of $92.1 per barrel is $5.49/b higher than the previous week and $7.66/b more than last year’s peak,” AAA stated in a statement. “Because oil is a crucial component of gasoline, the price of oil determines almost half of the total price that drivers pay at the pump.”
So far this year, the price of crude oil in the United States has climbed by 21%. The $16 rise in oil is equivalent to a 40 cent increase in gasoline prices. Gas prices have climbed 27 cents so far this year, implying that pump prices may rise another 13 cents before completely adjusting to the recent oil price increase.”
As is frequently the case, many South Floridians pay more than the state average. Broward County pays $3.501 on average for a gallon of standard unleaded, Palm Beach County pays $3.598, and Monroe County pays $3.712.
At $3.435, Miami-Dade County falls short of the state average.
According to AAA, the national average is $3.441.
Gas costs have been rising around the country as well. According to GasBuddy’s Patrick De Haan, the 8-cent rise on the national average is the greatest weekly increase since last February, and no state presently has an average under $3.
However, De Haan predicts that prices will fall this week as some stations begin to undercut pricing.