ORLANDO, Fla. – Gas prices across the state continue to soar amid rising oil prices, reaching new multi-year highs.
According to new numbers released by AAA, gas prices across Florida rose another 12 cents last week. Experts say Sunday’s state average of $3.47 per gallon is the highest daily average since July 2014.
[TRENDING: Become a News 6 Insider (it’s free!)]
The state average is 27 cents higher than this time a month ago and nearly $1 higher than in 2021.
“The concern right now is that we could see gas prices get even more expensive here in the coming weeks because of another round of rising oil prices last week,” AAA spokesperson Mark Jenkins.
Experts say the surge is due to the rising cost of crude oil prices, which rose above $90 a barrel for the first time since October 2014. Global demand is outstripping supply.
“What’s really been moving the market during the past couple weeks, concerns about tensions in Russia and the possibility of U.S.-led sanctions,” Jenkins said. “They’re supply concerns, of course, and a lot of cold weather across the country.”
As a result, AAA estimates drivers could see another 10-15 cent price hike at the pump in the coming weeks.
“Looking towards the second half of the year, there’s some hope that U.S.-led oil producers will ramp up production,” Jenkins said. “If that happens, that could ease crude oil prices, but unfortunately, it’s just a wait-and-see scenario.”
Jenkins said in the meantime, drivers should consider fuel rewards programs to get some savings, as well as paying with cash to avoid credit card surcharges. He also said avoiding speeding and making sure your vehicle is maintained will help keep your fuel economy from going down.