Florida gas prices have surged an average of 44 cents over the past week. As of Sunday March 6 the average price for a gallon of regular unleaded was at $3.97, the highest level in a decade. Nationwide the average price is even higher, reaching $4 a gallon for the first time since July 2008.
When the state average exceeds $3.97, gas prices will officially be the most expensive since July 2008, 14 years ago. That's when the price of a gallon of regular unleaded in Florida hit the still record high of $4.08 per gallon which was set on July 16, 2008.
"Unfortunately, more price hikes are on the way," says AAA spokesman Mark Jenkins. "Gas prices are being dragged higher by sky high oil prices, which are surging in response to the conflict between Russia and Ukraine."
The U.S. price of oil surged 26% last week, rising a little more than $24 per barrel. An increase of that magnitude translates to a 60 cent increase at the pump, which means another 10-15 cent hike is possible. If that happens, the state average would eventually surpass the previous all-time high, moving toward around $4.12 per gallon.
"Sanctions and regulations against have limited Russia's ability to sell its oil on the global market," says Jenkins, "thus intensifying global supply concerns in what was already a very tight market due to the pandemic."
Fuel Price Overview
• Sunday's Florida Avg. - $3.96 per gallon
• Highest Since - April 2012
• Avg. Cost for a Fill-Up - $59 ($41 last year)
• 2021 High - $3.36 per gallon
• 2022 U.S. Oil Price High - $115.68 per barrel (Friday)
• 2021 U.S. Oil Price High - $84.65 per barrel
Regional State Prices
• Most expensive metro markets – West Palm Beach-Boca Raton ($4.06), Gainesville ($4.00), Pensacola ($3.98)
• Least expensive metro markets – Sebring ($3.91), Lakeland-Winter Haven ($3.92), Tampa-St. Petersburg-Clearwater ($3.93)
Fuel Savings Tips
• Maintain your vehicle to optimize fuel economy. Visit AAA.com/AutoRepair to find a trusted repair facility.
• Combine errands to limit driving time.
• Shop around for the best gas prices in your community.
• Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
• Remove excess weight in your vehicle.
• Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
• Enroll in savings programs.