ORLANDO, Fla. – Florida gas prices have continued to shatter records, reaching a new high.
The statewide average price per gallon reached $4.49 on Sunday.
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“Drivers are dealing with unprecedented pain at the pump and things could soon get worse before they get better,” spokesman Mark Jenkins with AAA said in a release. “We saw more big gains in the gasoline futures market late last week, which could trickle down to yet another 10-20 cent jump at the pump in the near future.”
The auto group said rising gas prices are being driven by several factors:
- Price of U.S. oil closed on Friday at $110.49 per barrel
- Heading into 2022, many oil-producing countries had not returned to pre-pandemic levels as demand returned
- When Russia invaded Ukraine, the oil market cut out one of its largest exporters in the world
- EU announced plans to ban Russian oil by the end of this year, accelerating fuel price gains in the past couple weeks
AAA said the International Energy Agency is forecasting high prices will force the U.S. oil production to return to pre-pandemic levels by the end of the year.
“Unfortunately, $4 gasoline is likely to be that unwelcome passenger on most Florida summer road trips,” Jenkins said. “At this point, the state average is not expected to exceed $5 a gallon. However, the fuel market is extremely unstable and things are changing by the day. Either way, drivers should expect gas prices to keep fluctuating throughout the summer and potentially the rest of the year.”
Ways to save on gasoline
- 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.