Global Supply Concerns Carry Oil Prices Above $90 a Barrel.
TAMPA, Fla.— Florida gas prices jumped another 12 cents last week, rising a total of 24 cents in two weeks. Sunday’s state average of $3.47 per gallon is the most expensive daily average price since July 2014.
“Unfortunately it looks like the pain at the pump may continue to worsen, after oil prices saw another strong round of gains last week,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The upward momentum in crude prices has been driven by geopolitical concerns related to Russia, cold weather and underwhelming global crude output. The price of crude rose $6 last week, which if sustained, could trigger another 10-15 cent hike at the pump in the coming weeks.”
On Friday, the U.S. price for crude oil settled above $90 a barrel for the first time since October 2014. Friday’s settlement of $92.1 per barrel is $5.49/b more than the week before, and $7.66/b more than last year’s high.
Since oil is a key ingredient in gasoline, the price of oil influences about half the total price of what drivers pay at the pump. So far this year, the U.S price for crude oil has risen 21%. That $16 increase in crude is the equivalent of a 40 cent swing in gasoline prices. So far this year, gas prices have risen 27 cents, which means pump prices may rise another 13 cents before fully adjusting to the latest oil price hike.
“Drivers who want to maximize their money at the pump should consider paying in cash, as some retailers charge extra for credit card users,” Jenkins continued. “You may also want to enroll in fuel rewards programs like the one from AAA, which saves members 5 cents per gallon during each fill-up. From there, you can maximize your fuel economy by ensuring your vehicle is properly maintained, combining errands, and slowing down. Gas mileage decreases rapidly at speeds above 50 miles per hour.”
Fuel Price Overview
- Sunday’s Florida Avg. – $3.47 per gallon
- Highest Since July 2014
- Avg. Cost for a Fill-Up – $52 for a 15 gallon tank
- 2022 High – $3.47 per gallon
- 2021 High – $3.36 per gallon
- 2022 U.S. Oil Price High – $92.31 per barrel
- 2021 U.S. Oil Price High – $84.65 per barrel
- Most expensive metro markets – West Palm Beach-Boca Raton ($3.60), Naples ($3.51), Port St. Lucie ($3.51)
- Least expensive metro markets – Crestview-Fort Walton Beach ($3.27), Pensacola ($3.29), Panama City ($3.30)
Ways to Save on Gasoline
- 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. AAA Members who enroll in Shell’s Fuel Rewards program can save 5 cents per gallon when they fill up at Shell. Click herefor more information.