Florida gas prices continue to climb, reaching an average of $4.47 a gallon

DORAL, FL – Florida gas prices continue to climb Friday, reaching an average of $4.47 a gallon for regular unleaded.

This puts the state as one of the 10 ones with the largest increase in the country, which is affecting people’s budget significantly. The national average is of $4.43 per gallon.

AAA informed that the average price jumped 7 cents a gallon from Thursday and was 28 cents higher than a week ago. The increase has been progressive taking into account just a year ago, Florida gas prices were of $3 per gallon, nearly $1.50 cheaper.

There are a number of reasons that explain the situation. To begin, oil-rich Russia’s invasion of Ukraine has affected global markets, including the U.S. In addition, also the upcoming summer season is playing a role.

“Right now, what’s driving prices is the expectation that demand for the summer driving season is going to be much stronger than last year,” AAA spokesman Mark Jenkins said. “You couple that with lowering supplies here domestically and stronger demand internationally.”

“The fuel market is extremely unstable right now,” Jenkins said. “It’s very volatile heading into a very busy summer travel season. So, it’s really hard to put a pin on what to expect in a month’s time.”

But in the midst of the crisis, Florida announced the sale of a special winter blend of gas that is meant to increase the supply of gas available.

However, the Biden administration also said Wednesday it would cancel three upcoming offshore oil and gas leases because of a lack of interest and delays, while the government is looking for ways to increase domestic oil production to fight gas prices.

 

Photo by: Unsplash.com

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