Florida gas prices remain steady, but oil price hike portends increase

Gas prices in Florida continue to rise and fall, dropping from $3.11 per gallon to $3.06 per gallon midway through last week before bouncing back up to $3.11 on Sunday.

But motorists may soon see prices on a steadier upward trajectory due to increased oil prices, according to AAA — The Auto Club Group.

“Fuel prices have cycled within the same range for the past couple months, but a recent oil price hike threatens to bring upward pressure on prices at the pump,” AAA spokesperson Mark Jenkins said in a prepared statement.

“Oil prices rose to multi-month highs on Winter weather woes and U.S. sanctions on Russian petroleum. This could place upward pressure on prices at the pump.”

The U.S. price for crude oil rose $3 per barrel last week, a 4% uptick. Friday’s closing price was $76.57 per barrel, the highest daily settlement since October.

President Joe Biden’s outgoing administration placed sweeping sanctions on Russia’s energy sector late last week. The move, per a statement from U.S. Secretary of State Antony Blinken, is an effort to “constrain revenues from Russia’s energy resources and degrade (Russia President Vladimir) Putin’s ability to fund his illegal war against Ukraine.”

“This will reportedly leave China and India to seek more supply from the Middle East, Africa, and the Americas,” a AAA press note said.

Demands of prolonged below-average Winter temperatures could also impact prices. The Oil Prices Information Service reported that rare Winter storms in Texas and the South will likely create a sharp rise in demand for heating oil.

Florida’s most expensive metropolitan market was again the West Palm Beach-Boca Raton area, where drivers and motorcyclists paid an average $3.26 for a gallon of gas, followed by Naples ($3.19) and Homosassa Springs ($3.17).

The cheapest areas were Crestview-Fort Walton Beach ($2.83), Pensacola ($2.83) and Panama City ($2.85).