ORLANDO, Fla. - New records are being set again in Florida – and not in a good way. The state average price for a gallon of regular gas now sits at a new record high of $4.49 per gallon.
If that doesn't hurt enough, think about this: gas has gone up about 30-cents in the past week.
"Drivers are dealing with unprecedented pain at the pump and things could soon get worse before they get better," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "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."
Experts say Russia’s war on Ukraine is causing a ripple effect. The fuel market was tight heading into 2022, as many oil producing countries had yet to return to pre-pandemic levels, even though demand rebounded.
Now with the European Union announcing plans to ban Russian oil, any countries will have to find another gas source. Plus the market is bracing for a summer driving season that is stronger than last year.
WHEN WILL GAS PRICES GO DOWN IN FLORIDA?
According to AAA, The International Energy Agency forecasts that sky-high fuel prices will cause U.S. oil production to return to pre-pandemic levels by the end of 2022. U.S. oil production is reportedly at 11.8 million barrels per day, which is about 10% below the pre-pandemic record-high of 13.1 million barrels per day.
"A return to previously record-high production levels could cool the fuel market and lead to lower prices," AAA reported on Monday.
However, given the recent shifts in global supply and demand, it may not immediately signal a return to $2 a gallon gasoline.
"Unfortunately, $4 gasoline is likely to be that unwelcome passenger on most Florida summer road trips," Jenkins continued. "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."