TAMPA, Fla. (WWSB) – Florida gas prices have climbed to their highest level in four years as tensions involving Iran disrupt the global oil supply and push crude prices higher, according to a report by AAA.
The report showed that the statewide average price for gasoline was $3.96 per gallon on Sunday. That is 2 cents higher than a week ago and $1.06 more than last month. The price of gasoline in Florida on average one year ago was $3.12.
Prices briefly dipped early last week before rising again through the weekend.
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AAA also reported that crude oil costs are the main factor behind the increase. Since the conflict involving Iran intensified earlier this month, oil prices have surged nearly 45% after several sharp weekly gains. U.S. crude settled at $99.14 per barrel last week, the highest level since July 2022.
“Oil prices are doing most of the driving right now,” said Mark Jenkins, a spokesman for AAA The Auto Club Group. “About half of what drivers pay at the pump comes down to the cost of crude oil. When oil prices spike this quickly and remain volatile, gas prices almost always follow.”
Florida’s average gas price has risen $1.07 per gallon since the start of March, when it was $2.88. The increase adds roughly $16 to the cost of filling a 15-gallon tank, AAA said.
AAA said continued volatility in global oil markets could keep gas prices unstable in the coming days.
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