Gas prices soared upward in the past week, increasing by 18 cents per gallon to reach a new record average of $4.76.
In reporting the new worst price ever, AAA — The Auto Club Group also warned the climb does not appear to be stopping. The average may be heading close to $5 per gallon within a week.
Crude oil prices rose 3% last week on the future’s market. Friday’s settlement of $118.87 per barrel was $3.80 per barrel more than the week before, and a new all-time record high, AAA reported.
Florida gas prices are now 66% more expensive than a year ago, the organization reported.
“Unfortunately, the pain at the pump is likely to get even worse this week,” AAA spokesman Mark Jenkins reported.
“Gasoline made very strong gains in the futures market last week. When that happens, we normally see retail prices rise. It can take days or a week for pump prices to reflect the change, but it wouldn’t be a surprise to see retailers raise their prices another 20 cents by Monday night,” he added. “At this rate, it sure seems like there’s very little resistance to rising prices at the pump, and $5 a gallon is quickly becoming a very real possibility this summer.”
The futures market increases came even though OPEC+ announced plans to raise oil production by 648,000 barrels per day
The European Union’s Russian oil ban contributed to ongoing global supply concerns, while expectations of global fuel demand increased after China lifted COVID-19 restrictions in Shanghai, AAA noted.
AAA reported that in Florida, Pensacola had the best prices with gasoline averaging $4.57 per gallon; followed by Crestview-Fort Walton Beach at $4.59; Panama City at $4.60; Tallahassee at $4.66; Fort Myers and Jacksonville at $4.74; and the Titusville-Melbourne market at $4.75.
The worst prices were found in the West Palm Beach-Boca Raton market, where gas averaged $4.90 per gallon; followed by Fort Lauderdale and Miami at $4.79; Tampa at $4.77; and St. Petersburg and Orlando at $4.76.