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MIAMI (CBSMiami) — For the first time in 14 years, Florida’s average price for gasoline is above $4 a gallon. Florida gas prices raced higher last week, reaching a new record-high average price of $4.38 per gallon on Friday. This smashed Florida’s previous record-high of $4.08 per gallon, which was set in July 2008.
Fuel prices rose rapidly after Russia invaded Ukraine. Throughout the past two weeks, the U.S. price of oil surged a total of $32 per barrel (35%), reaching a daily high of $123.70 per barrel. In turn, that raised the price of other commodities like gasoline.
Throughout the past two weeks, the state average rose a total of 90 cents per gallon. The cost to fill an average 15-gallon tank of gas is now around $65. That’s $23 more than what drivers paid this time last year.
After 7-consecutive trading days of strong gains, the price of oil finally suffered significant losses Wednesday, when the U.S. price of crude dropped $15 per barrel (12%). By week’s end, the U.S. price for oil settled 5% less than the week before. That translates to a 16 cent swing at the pump. This oil price dip enabled gas prices to drift lower through the weekend. The average price for gasoline on Sunday was $4.35 per gallon.
“The surge in fuel prices was driven by global supply concerns, as sanctions and regulations against Russia has limited the world’s 3rd-largest oil producer from moving its oil in the market,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “After 7-consecutive trading days, that upward momentum finally came to a halt last week. Prices moved lower on reports that the U.S. and other countries were examining ways to increase global fuel supplies. Regardless of this, fuel prices remain extremely volatile right now, so it’s hard to know what drivers should expect next month, let alone next week.”
Florida Gas Prices are:
- $4.35 per gallon (Sunday)
- Up 87 cents since Russia invaded Ukraine
- Up $1.16 per gallon since January 1, 2022
- Up $2.16 per gallon since January 1, 2021
Since Russia Invaded Ukraine
- The U.S. price for crude oil surged $32 per barrel (35%) reaching a daily high of $123.70/b on Tuesday.
- Florida’s state average rose 90 cents per gallon, reaching $4.38 per gallon on Friday.
- The price for an average 15-gallon tank of gas increased to nearly $66; $23 more than a year ago.
Regional Prices
- Most expensive metro markets – West Palm Beach-Boca Raton ($4.46), Fort Lauderdale ($4.40), Ocala ($4.38)
- Least expensive metro markets – Panama City ($4.20), Crestview-Fort Walton Beach ($4.20), Pensacola ($4.24)
Ways to Save at the Pump
- Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
- Participate in Fuel Rewards or cash back programs that offset the high price at the pump.
- Don’t buy high-octane gasoline if you don’t need it. Premium gas should only be used in vehicles that recommend or require it. Pumping premium gas into a vehicle that calls for regular is a waste of money and is of no benefit to the vehicle, according to AAA.
Making Your Gas Go the Extra Mile
- Keep your vehicle in tip top shape. Oil changes, air filters and tire inflation all impact fuel economy.
- Use AAA’s Gas Cost Calculator to estimate how much you will spend on gasoline during your next road trip.
- Plan your route in advance to avoid unnecessary detours and turnarounds. Avoid peak traffic times.
- Combine errands. Fuel economy is better when your engine is warmed up.
- Drive sensibly. Aggressive acceleration and braking reduces gas mileage 15-30% at highway speeds and 10%-40% in stop-and-go traffic.
- Slow down. Fuel economy peaks at around 50 mph on most cars, then drops off as speeds increase. Reducing highway speeds by 5 to 10 mph can improve fuel economy by as much as 14%.
- Remove excess weight in your vehicle. An extra 100 pounds can reduce MPG by 1%.
- Reduce idling. An idling car engine consumes one quarter to one-half gallon of fuel per hour. A warm engine only takes around 10 seconds worth of fuel to restart. Where safe to do so, shut off your engine if you will be stopped for more than a minute.
- Use cruise control on the highway to maintain a constant speed. Do NOT use cruise control on wet roads.