‘We’re setting new records in Florida and not in a good way.’ Why is gas going up again?
What goes up must ... go up again?
Sorry, the law of gravity will eventually apply to the cost of a gallon of gas in Florida, but on Thursday, the cost went up again to a new record daily average of $4.40 per gallon, according to AAA.
Florida was at $4.38 on March 13 following the Russian invasion of Ukraine, said Mark Jenkins, AAA’s spokesman.
The county with the highest cost for a gallon of gas in Florida? Palm Beach at $4.53, topping Jefferson County’s $4.50 and Monroe’s $4.49.
By comparison, MiamiDade was at $4.40 and Broward, $4.43.
The lowest average cost in the state was Escambia at $4.17 at the extreme edge of the Panhandle.
Last year at this time, Florida’s average cost for a gallon of regular gas was $2.89.
“We’re setting new records in Florida and not in a good way,” Jenkins told the Miami Herald on Thursday. “The state average could ultimately reach $4.50 per gallon before fully adjusting to a record high gasoline futures prices last week.”
According to AAA, there’s still tremendous upward pressure on fuel prices, both globally and domestically. The national average for a gallon of gas was at $4.42 Thursday,
AAA posted.
“The global supply of oil remains incredibly tight and the Russian invasion only compounded the problem. Now, the EU, which is heavily reliant on Russian fuels, appears to be ready to boycott Russian fuels. So that’s even more strain on the system,” Jenkins said.
“The latest round of gasoline-price hikes is likely driven by weekly declines
in gasoline [supplies] and the expectations that summer driving will be much stronger than last year,” he added.
Will Florida’s average keep going up, up and away?
Jenkins thinks so, but maybe not to the dreaded $5 a gallon that some speculate.
“Based on current fundamentals, and gasolinefutures pricing, the state average should cap at
around $4.50 per gallon and gradually move lower, but there’s still a tremendous amount of volatility in the global fuel market, so it’s hard to know what to expect on a week to week basis,” Jenkins said.
“For now, I’d expect $4 gasoline to hang around through the summer.”