Gas prices hit new record high after second week of 40-cent increases

As the fallout from Russia’s charge into Ukraine continues to spill throughout the West, Florida’s gas prices have shattered their previous record high. That’s according to AAA — The Auto Club Group.

Gas prices last week crossed $4 for the first time since 2008 and didn’t stop there. Prices topped out at $4.38 per gallon on Friday before falling slightly over the weekend to $4.35 per gallon on Sunday.

AAA’s Florida ticker had fallen to $4.34 per gallon by Monday morning, one cent higher than the national average.

The previous record high for Florida gas prices was $4.08 per gallon, set in September 2008.

Last week’s report pegged the average price at $3.97 per gallon. On the way to prices reaching the new record high, Florida experienced its second consecutive week of 40-cent increases.

“The surge in fuel prices was driven by global supply concerns, as sanctions and regulations against Russia have limited the world’s third-largest oil producer from moving its oil in the market,” said Mark Jenkins, spokesman for AAA.

“After seven consecutive trading days, that upward momentum finally came to a halt last week. Prices moved lower on reports that the U.S. and other countries were examining ways to increase global fuel supplies. Regardless of this, fuel prices remain extremely volatile right now, so it’s hard to know what drivers should expect next month, let alone next week.”

Florida gas prices are up 87 cents per gallon since Russia invaded Ukraine 18 days ago. That came on top of already inflated gas prices.

Prices are $1.49 higher per gallon than they were a year ago, a more than 50% increase. As for what that means for drivers, the cost to fill an average 15-gallon tank of gas is now around $65, an increase of $23 from where it was a year ago.

The lowest gas prices are in the Panhandle, where gas is $4.20 per gallon in the Panama City and Crestview-Fort Walton Beach metro areas and $4.24 per gallon in the Pensacola area. The most expensive prices are in the West Palm Beach and Boca Raton area, where gas is $4.46 per gallon. The next most expensive markets are Fort Lauderdale, at $4.40 per gallon, and Ocala, at $4.38 per gallon.