Global Supply Concerns Carry Oil Prices Above $90 a Barrel
Florida gas prices jumped another 12 cents last week, rising a total of 24 cents in two weeks. Sunday’s state average of $3.47 per gallon is the most expensive daily average price since July 2014.
"Unfortunately it looks like the pain at the pump may continue to worsen, after oil prices saw another strong round of gains last week," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The upward momentum in crude prices has been driven by geopolitical concerns related to Russia, cold weather and underwhelming global crude output. The price of crude rose $6 last week, which if sustained, could trigger another 10-15 cent hike at the pump in the coming weeks."
On Friday, the U.S. price for crude oil settled above $90 a barrel for the first time since October 2014. Friday’s settlement of $92.1 per barrel is $5.49/b more than the week before, and $7.66/b more than last year’s high.
Since oil is a key ingredient in gasoline, the price of oil influences about half the total price of what drivers pay at the pump. So far this year, the U.S price for crude oil has risen 21%. That $16 increase in crude is the equivalent of a 40 cent swing in gasoline prices. So far this year, gas prices have risen 27 cents, which means pump prices may rise another 13 cents before fully adjusting to the latest oil price hike.
"Drivers who want to maximize their money at the pump should consider paying in cash, as some retailers charge extra for credit card users," Jenkins continued. "You may also want to enroll in fuel rewards programs like the one from AAA, which saves members 5 cents per gallon during each fill-up. From there, you can maximize your fuel economy by ensuring your vehicle is properly maintained, combining errands, and slowing down. Gas mileage decreases rapidly at speeds above 50 miles per hour."
Fuel Price Overview
- Sunday’s Florida Avg. - $3.47 per gallon
- Highest Since July 2014
- Avg. Cost for a Fill-Up - $52 for a 15 gallon tank
- 2022 High - $3.47 per gallon
- 2021 High - $3.36 per gallon
- 2022 U.S. Oil Price High - $92.31 per barrel
- 2021 U.S. Oil Price High - $84.65 per barrel
- Most expensive metro markets – West Palm Beach-Boca Raton ($3.60), Naples ($3.51), Port St. Lucie ($3.51)
- Least expensive metro markets – Crestview-Fort Walton Beach ($3.27), Pensacola ($3.29), Panama City ($3.30)
Ways to Save on Gasoline
- Combine errands to limit driving time.
- Shop around for the best gas prices in your community.
- Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
- Remove excess weight in your vehicle.
- Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
- Enroll in savings programs. AAA Members who enroll in Shell’s Fuel Rewards program can save 5 cents per gallon when they fill up at Shell. Click here for more information.
Find Florida Gas Prices
- Daily gas price averages can be found at Gasprices.aaa.com
- State and metro averages can be found here
AAA GAS PRICE AVERAGES
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|Click here to view current gasoline price averages|
Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
About AAA - The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.