JACKSONVILLE, Fla. — (Note: The video above is from a related report.)
The price of gas is on the rise in Florida and Georgia, with prices increasing in Jacksonville as well amid the Russian invasion of Ukraine.
The average price in Florida increased 4 cents last week to $3.52 per gallon, with more pump price hikes anticipated as crude oil prices surge, according to AAA. The concern surrounds speculation that the attack in Ukraine could impact global crude supplies, AAA said in a news release.
Jacksonville's average price is also rising, though not as steeply as the state average. Gas prices have gone up 2.2 cents per gallon in the last week in Jacksonville, averaging $3.48 per gallon, according to GasBuddy. That's 15.5 cents higher per gallon than a month ago, and 93.8 cents per gallon higher than a year ago.
In Georgia, the average price is up 13 cents from last week, averaging $3.50 per gallon. That's 32 cents more than last month and 94 cents more than this time last year, according to AAA.
Russia is the world's third-largest oil producing country, the release says, with the current conflict worsening an already tight market. Oil prices spiked last week when Russia invaded Ukraine but quickly went back to previous levels after President Joe Biden announced sanctions that did not specifically target Russian oil, according to AAA.
But Sunday night, when international trading began, oil prices quickly shot up above $96 per barrel, up nearly 5% from Friday's closing price, AAA says. That increase could be due in part to Russian banks' removal from SWIFT, making it more difficult for other countries to purchase Russian oil and gasoline, according to AAA.
AAA Spokesman Mark Jenkins says gas prices will get even worse in Florida unless oil prices reverse course.
"There has been a lot of speculation about oil prices, and the high seems like a moving target," Jenkins said in the news release. "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."
Another issue driving up gas prices: the busy spring and summer driving seasons are approaching, which typically leads to a higher demand for fuel, AAA says. The summer gasoline blend is more expensive to produce, and refineries are conducting seasonal maintenance, which can reduce normal gasoline production levels, according to AAA.
An explosion at a refinery in Louisiana last week could also be contributing to the rising prices at the pump.
Florida's $3.52 per gallon average is the most expensive daily average since July 2014, AAA says. On average, prices in Florida have gone up 33 cents per gallon since the beginning of 2022 and $1.33 per gallon since the beginning of 2021.
Ways to Save on Gasoline (from AAA):
- Combine errands to limit driving time.
- Shop around for the best gas prices in your community.
- Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
- Remove excess weight in your vehicle.
- Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
- Enroll in savings programs. AAA Members who enroll in Shell's Fuel Rewards program can save 5 cents per gallon when they fill up at Shell. Click here for more information.