Gas prices are the most expensive in 8 years

28 February 2022

Florida gas prices increased 4 cents last week and more pump price hikes could be on the way. Crude oil prices surged in overnight trading, amid growing concerns that the Russia invasion of Ukraine could impact global crude supplies.

Russia is the third-largest oil producing country in the world and the crude oil market was already tight before this conflict began. Last week, oil prices spiked when Russia invaded Ukraine. However, prices quickly retreated to previous levels after President Biden announced sanctions that didn’t specifically target Russian oil.

Unfortunately, oil prices quickly shot up Sunday night, when international trading began. At the time of this writing, the U.S. price of oil was trading above $96 per barrel - an increase of nearly $5/b (5%) from Friday’s closing price of $91.59. The energy market has had plenty of news to digest over the weekend, the most noteworthy may be the removal of Russian banks from SWIFT - making it more difficult for other countries to purchase Russian oil and gas.

"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. "There has been a lot of speculation about oil prices, and the high seems like a moving target. If oil lands at $95 a barrel for a sustained period of time, drivers could expect to see a 15 cent jump at the pump. If U.S. oil reaches $100 a barrel, the total increase would be more like 25-30 cents per gallon."

Oil prices have increased around $20 per barrel in 2022. At $96 per barrel, the US price for oil is up nearly $50 (100%) since the beginning of 2021. 

The Russian invasion isn’t the only issue keeping upward pressure on pump prices. 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.

Floridians are paying an average price of $3.52 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. 

Fuel Price Overview

  • Sunday’s Florida Avg. - $3.52 per gallon
  • Highest Since - July 2014
  • Avg. Cost for a Fill-Up - $53
  • 2022 High - $3.52 per gallon
  • 2021 High - $3.36 per gallon
  • 2022 U.S. Oil Price High - $95.46 per barrel
  • 2021 U.S. Oil Price High - $84.65 per barrel

Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($3.66), Gainesville ($3.55), Fort Lauderdale ($3.55), Fort Lauderdale ($3.55)
  • Least expensive metro markets – Crestview-Fort Walton Beach ($3.47), Punta Gorda ($3.49), Fort Myers-Cape Coral ($3.49)

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
(Price per gallon of regular unleaded gasoline)

 

Sunday

Saturday

Week Ago

Month Ago

One Year Ago

Record High

National

$3.604

$3.597

$3.531

$3.348

$2.712

$4.11   (7/17/2008)

Florida

$3.519

$3.518

$3.499

$3.337

$2.612

$4.08   (7/17/2008)

Georgia

$3.501

$3.491

$3.374

$3.183

$2.569

$4.16   (9/15/2008)

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 13 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.