ORLANDO, Fla. – As Florida gas prices reached yet another record, AAA says prices could soon jump closer to $5 a gallon.
The auto group said Florida on Sunday reached yet another record high -- $4.76 a gallon. The average one week ago was $4.57 per gallon.
“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,” AAA spokesman Mark Jenkins said in a release. “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 national average also rose to $4.87 per gallon, jumping 25 cents compared to last week, according to AAA.
The OPEC+ group — OPEC nations plus Russia — announced on Thursday they would raise production by 648,000 barrels per day in July and August, offering some relief for a struggling global economy that’s been impacted by Russia’s invasion of Ukraine, according to the Associated Press.
OPEC resisting pressure from the White House to increase oil supply more quickly along with a European Union agreement to end most oil imports from Russia has pushed gas prices higher.
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.