New records are being set again in Florida, and not in a good way. The state average price for gasoline reached a new record high of $4.49 per gallon on Sunday. This beats the previous record of $4.38/g, set back in March (soon after Russia invaded Ukraine). Before this year, the record high was $4.08 per gallon, which was set back in 2008.
Florida's average price jumped about 30 cents in the past week. The state average is now $1.60 per gallon more than a year ago. It now costs $67 for a full 15-gallon tank of gas. That's $24 more than what drivers paid this time last year.
"Drivers are dealing with unprecedented pain at the pump and things could soon get worse before they get better," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "We saw more big gains in the gasoline futures market late last week, which could trickle down to yet another 10-20 cent jump at the pump in the near future."
What's driving rising gas prices?
Global fuel supplies are tight; keeping upward pressure on oil prices (which account for more than half the price of gasoline).
Oil prices are NOT at record highs, but gasoline futures are. U.S. gasoline supplies are declining as international demand for U.S. gasoline grows, all while the market braces for a summer driving season that is stronger than last year.
Is there a light at the end of the tunnel?
The International Energy Agency forecasts that sky-high fuel prices will cause U.S. oil production to return to pre-pandemic levels by the end of 2022. According to the latest reading from the EIA, U.S. oil production is at 11.8 million barrels per day, which is about 10% below the pre-pandemic record-high of 13.1 million barrels per day.
A return to previously record-high production levels could cool the fuel market and lead to lower prices. However, given the recent shifts in global supply and demand, it may not immediately signal a return to $2 a gallon of gasoline.
"Unfortunately, $4 gasoline is likely to be that unwelcome passenger on most Florida summer road trips," Jenkins continued. "At this point, the state average is not expected to exceed $5 a gallon. However, the fuel market is extremely unstable and things are changing by the day. Either way, drivers should expect gas prices to keep fluctuating throughout the summer and potentially the rest of the year."
Price | Station | Area | |
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$4.42
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Apopka |
$4.44
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Apopka |
$4.46
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Apopka |
$4.46
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Apopka |
$4.47
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Apopka |
$4.49
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Apopka |
$4.49
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Apopka |
$4.49
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Apopka |
$4.49
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Apopka |
$4.49
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Apopka |
Regional Prices
Ways to Save on Gasoline
AAA Resources for Drivers
Find Florida Gas Prices
AAA GAS PRICE AVERAGES |
Sunday | Saturday | Week Ago | Month Ago | One Year Ago | Record High | |
National | $4.470 | $4.452 | $4.317 | $4.073 | $3.042 | $4.33 (3/11/2022) |
Florida | $4.494 | $4.486 | $4.204 | $4.006 | $2.894 | $4.38 (3/11/2022) |
Georgia | $3.985 | $3.971 | $3.835 | $3.710 | $2.971 | $4.29 (3/11/2022) |
Click here to view current gasoline price averages |
Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
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