As Ukraine crisis intensifies, Florida gas prices up are 4 cents in past week

Gas prices across Florida increased by an average of 4 cents per gallon in the past week as Russia’s invasion of Ukraine raised prospects of even further impacts on the global oil supply, AAA — The Auto Club Group reported Monday.

Floridians are paying an average price of $3.52 per gallon, AAA reported. That’s the most expensive daily average since July 2014. Florida gas prices have risen an average of 33 cents per gallon since the beginning of 2022, and $1.33 per gallon since the beginning of 2021.

If Russia’s oil and gas supply to Europe is fully disrupted by the war, the impact on gas prices could grow, AAA warned.

Russia is the third-largest oil-producing country in the world. The crude oil market was already tight before this conflict began. Last week, oil prices spiked when Russia invaded Ukraine. However, prices quickly retreated to previous levels after President Joe Biden announced sanctions that didn’t specifically target Russian oil.

Nonetheless, Sunday night, the U.S. price of oil was trading above $96 per barrel — an increase of more than $4 per barrel from Friday’s closing price of $91.59.

“Unless oil prices reverse course, the pain at the pump is about to get even worse for Floridians,” Mark Jenkins, AAA spokesman, said in a news release issued early Monday morning. “There has been a lot of speculation about oil prices, and the high seems like a moving target. If oil lands at $95 a barrel for a sustained period of time, drivers could expect to see a 15-cent jump at the pump. If U.S. oil reaches $100 a barrel, the total increase would be more like 25-30 cents per gallon.”

Oil prices have increased around $20 per barrel in 2022, AAA reported.

The national average gasoline price Monday morning was $3.61 per gallon.

The Russian invasion isn’t the only issue keeping upward pressure on pump prices, the organization noted. The busy spring and summer driving seasons are drawing near, which typically lead to strong fuel demand. Summer gasoline is moving into the market, which is more expensive to produce. Refineries are conducting seasonal maintenance, which can reduce normal gasoline production levels. And in addition to all those seasonal trends, there was an explosion at a Louisiana refinery last week.

With all that, in Florida, Crestview-Fort Walton Beach drivers found the best deals, with an average price of $3.47 per gallon. In Orlando, St. Petersburg, Jacksonville, Punta Gorda and Fort Myers-Cape Coral, it was $3.49; and Tampa, Sarasota and Melbourne, $3.50;

In the West Palm Beach-Boca Raton market, the average price was highest in the state at $3.66 per gallon. In Panama City, it was $3.57; Gainesville and Fort Lauderdale, $3.55; Miami, $3.53; and Tallahassee and Pensacola, $3.52.