‘We’re setting new records in Florida and not in a good way.’ Why is gas going up again?
What goes up must ... go up again?
Sorry, the law of gravity will eventually apply to the cost of a gallon of gas in Florida, but on Thursday, May 12, the cost went up again to a new record daily average of $4.40 per gallon, according to AAA.
On Friday, the figure went up again — to $4.46.
Florida was at $4.38 March 13, following the Russian invasion of Ukraine, said Mark Jenkins, AAA’s spokesman.
The county with the highest cost for a gallon of gas in Florida on Friday? Palm Beach at $4.58, topping Monroe’s $4.56 and Hardee’s $4.54.
By comparison, Miami-Dade was at $4.47 (up from $4.40 Thursday) and Broward, $4.50 (up from $4.43 Thursday) — both higher than the state average of $4.43.
Bradenton was at $4.48 Friday, up from $4.41 Thursday.
The lowest average cost in the state was Escambia at $4.22 (up from $4.17 Thursday) at the extreme edge of the Panhandle.
Last year at this time, Florida’s average cost for a gallon of regular gas was $2.89.
“We’re setting new records in Florida and not in a good way,” Jenkins told the Miami Herald on Thursday. “The state average could ultimately reach $4.50 per gallon before fully adjusting to a record high gasoline futures prices last week.”
READ NEXT: Use this interactive map listing gas prices in Florida, and see the tips to save money
Why are gas prices rising?
According to AAA, there’s still tremendous upward pressure on fuel prices, both globally and domestically. The national average for a gallon of gas was at $4.42 Thursday and $4.43 Friday, AAA posted.
“The global supply of oil remains incredibly tight and the Russian invasion only compounded the problem. Now the EU, which is heavily reliant on Russian fuels, appears to be ready to boycott Russian fuels. So that’s even more strain on the system,” Jenkins said.
“The latest round of gasoline price hikes is likely driven by weekly declines in gasoline stocks (supplies) and the expectations that summer driving (gasoline demand) will be much stronger than last year,” he added.
Will Florida’s average keep on going up, up and away?
Jenkins thinks so, but maybe not to the dreaded $5 a gallon some speculate.
“Based on current fundamentals, and gasoline futures pricing, the state average should cap at around $4.50 per gallon and gradually move lower, but there’s still a tremendous amount of volatility in the global fuel market, so it’s hard to know what to expect on a week to week basis,” Jenkins said.
“For now, I’d expect $4 gasoline to hang around through the summer.”
This story was originally published May 12, 2022 at 11:46 AM.
