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Florida gas prices hit another record high

(Nam Y. Huh | AP)
Published: May. 16, 2022 at 7:24 AM EDT
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TAMPA, Fla. (WWSB) - The state average price for gasoline reached a new record high of $4.49 per gallon on Sunday, smashing the previous record of $4.38, set back in March, soon after Russia invaded Ukraine, AAA says.

Before this year, the record high was in 2008 at $4.08 per gallon.

“Drivers are dealing with unprecedented pain at the pump and things could soon get worse before they get better,” said Mark Jenkins, spokesman for 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-to-20-cent jump at the pump in the near future.”

Florida’s average price jumped about 30 cents in the past week. The state average is now $1.60 per gallon more than a year ago. It now costs $67 for a full 15-gallon tank of gas. That’s $24 more than what drivers paid this time last year.

Global fuel supplies are tight, keeping upward pressure on oil prices, which account for more than half the price of gasoline, AAA said Monday.

The fuel market was tight heading into 2022, as many oil producing countries had yet to return to pre-pandemic levels, even as demand rebounded.

The Russian invasion of Ukraine compounded the problem, as the oil market effectively cut out Russia, one of the largest oil exporters in the world.

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 latest reading from the EIA, U.S. oil production is at 11.8 million barrels per day, which is about 10% below the pre-pandemic record-high of 13.1 million barrels per day.

“Unfortunately, $4 gasoline is likely to be that unwelcome passenger on most Florida 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 unstable and things are changing by the day. Either way, drivers should expect gas prices to keep fluctuating throughout the summer and potentially the rest of the year.”

Regional Prices

Most expensive metro markets – West Palm Beach-Boca Raton ($4.63), Fort Lauderdale ($4.55), Sebastian-Vero Beach ($4.53)

Least expensive metro markets – Pensacola ($4.28), Panama City ($4.29), Crestview-Fort Walton Beach ($4.30)

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