According to AAA – The Auto Club Group, the Florida average price for gasoline reached a new record high of $4.49 per gallon on Sunday.
The latest price beats the previous record of $4.38 per gallon set back in March soon after Russia invaded Ukraine. Before this year, the record high was $4.08 per gallon, which was set back in 2008.
Florida’s average price jumped about 30 cents in the past week. The state average is now $1.60 per gallon higher than a year ago. It now costs $67 for a full 15-gallon tank of gas. That’s $24 more than what drivers paid at this time last year.
Based on the gasolinemiserindex.com website, Florida consumers are paying $889 more annually on gasoline when compared to spending last year. This is approximately 21 percent higher than the $735 the average American family is spending this year.
“Drivers are dealing with unprecedented pain at the pump and things could soon get worse before they get better,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “We saw more big gains in the gasoline futures market late last week, which could trickle down to yet another 10-20 cent jump at the pump in the near future.”
The International Energy Agency forecasts that sky-high fuel prices will cause U.S. oil production to return to pre-pandemic levels by the end of 2022. According to the latest information from the EIA, U.S. oil production is at 11.8 million barrels per day, which is about 10 percent below the pre-pandemic record-high of 13.1 million barrels per day.
A return to previously record-high production levels could cool the fuel market and lead to lower prices. However, given the recent shifts in global supply and demand, it may not immediately signal a return to $2 a gallon gasoline.
“Unfortunately, $4 gasoline is likely to be that unwelcome passenger on most Floridians’ summer road trips,” Jenkins continued. “At this point, the state average is not expected to exceed $5 a gallon. However, the fuel market is extremely volatile and things are changing by the day. Either way, drivers should expect gas prices to continue fluctuating throughout the summer and potentially the rest of the year.”
Florida’s cheapest gas was found Monday in Pensacola, where drivers saw an average of $4.27 Monday morning, according to AAA. That was followed by Panama City at $4.30; Tallahassee at $4.46; Titusville-Melbourne at $4.47; Jacksonville and Fort Myers at $4.48; and Orlando and St. Petersburg at $4.50.
Florida’s most expensive gas was found in the West Palm Beach-Boca Raton market at $4.64 Monday. That was followed by Fort Lauderdale at $4.55; Miami at $4.53; Naples at $4.52; and Tampa at $4.51.
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Steve Stewart is a senior contributor at The Florida Capital Star. Email tips to [email protected].
Photo “Shell Gas Station” by Michael Rivera. CC BY-SA 3.0.
