ORLANDO, Fla. – After setting a new record, Florida gas prices have dipped slightly, according to AAA.
Florida saw gas prices reach a new record-high on Friday of $4.38 per gallon, about 5 cents higher than the national average of $4.33. Before last week’s surge, the previous record was set in 2008 at $4.08 per gallon, AAA says.
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Now, the average price per gallon in Florida is $4.35.
According to the group, the average cost per gallon rose 90 cents in the last two weeks as a result of Russia invading Ukraine.
“The surge in fuel prices was driven by global supply concerns, as sanctions and regulations against Russia has limited the world’s 3rd-largest oil producer from moving its oil in the market,” Mark Jenkins with AAA said in a release. “After 7-consecutive trading days, that upward momentum finally came to a halt last week. Prices moved lower on reports that the U.S. and other countries were examining ways to increase global fuel supplies. Regardless of this, fuel prices remain extremely volatile right now, so it’s hard to know what drivers should expect next month, let alone next week.”
Last week, Florida Republican lawmakers agreed upon moving forward with a gas tax holiday, but it would begin no sooner than October — more than six months from now — due to views among the legislature that fewer out-of-state visitors would be able to take advantage of it.
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President Joe Biden ordered a ban on Russian oil imports Tuesday in retaliation for Vladimir Putin’s onslaught in Ukraine. Americans will feel pain, too — at the gas pump — Biden acknowledged, declaring, “Defending freedom is going to cost.”
Economists warn that the typical American household is now set to spend nearly $2,000 more per year at the pump, at least at this rate. Travel is expected to decrease as airlines raise ticket prices, and shipping and delivery costs will likely climb as well.