Sun Sentinel Palm Beach Edition
Florida gas averages climb to new record
The price at the pump this week in Florida may cause some drivers to fume.
Florida hit a new record this week regarding the average price of regular unleaded gasoline, which now costs $4.40, according to the AAA Auto Club. That’s 3 cents more than the previous record set in March. Prices in Orlando are helping to push the average up, with the cost hovering at about $4.42. The Orlando average jumped up 12 cents between Wednesday and Thursday, according to AAA.
Florida’s costliest gas remains in Monroe County and the cheapest is on the Panhandle.
Orlando is keeping up with the national average, which is currently resting, at the time of this report, at $4.42. Leading the nation in costliest fuel prices is California at about $5.85.
The rise is due to the high cost of crude oil, which was near $100 a barrel last week and closed Wednesday around $110.
“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline,” said Andrew Gross, AAA spokesperson. “These prices are creeping closer to those record-high levels of early March.”
Exacerbating the cost further is a decreased amount of gasoline stocks and an increased amount of demand for it, AAA said.
The high price of oil is largely because many buyers are refusing to purchase Russian oil due to its invasion of Ukraine, according to the Associated Press. The European Union is considering an embargo on oil from Russia, which is a major supplier, the AP reported. Those pressures leave less oil to go around.
Pump prices will likely face upward pressure as oil remains above $105 per barrel, according to AAA.
As the war Russia is waging on Ukraine continues and gasoline demand continues to grow, experts are not expecting relief at the pump soon, the AP reported.