ORLANDO, Fla. — The price to fill up your tank in Florida went up 4 cents last week, AAA reported Monday.
And more price hikes at the pump could be on the way.
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Crude oil prices surged overnight amid growing concerns that the Russian invasion of Ukraine could impact global crude supplies, according to AAA.
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Oil prices went on a roller-coaster ride following last week’s crisis in Ukraine.
Prices spiked when Russia first invaded but quickly returned to previous levels after President Biden announced sanctions that didn’t specifically target Russian oil, AAA said.
Unfortunately, when international trading began Sunday night, oil prices shot up again.
AAA pointed to the fact that the energy market had plenty to digest over the weekend, primarily the removal of Russian banks from SWIFT, making it more difficult for other countries to purchase Russian oil and gas.
“Unless oil prices reverse course, the pain at the pump is about to get even worse for Floridians,” said AAA’s Mark Jenkins.
Unrelated to the crisis in Ukraine, demand for fuel during the upcoming busy spring and summer driving seasons could also cause the price of gas to trend higher, the auto giant said.
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Floridians are currently paying an average price of $3.52 per gallon — once again creating the highest daily average since July 2014.
On average, gas prices in Florida have risen 33 cents per gallon since just the start of this year, according to AAA.
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