Russia-Ukraine Conflict Could Send FL Gas Prices Higher

FLORIDA — As Russia continues its invasion into Ukraine, Floridians are seeing prices at the pump increase — and it could get worse.

According to AAA, gas prices in the Sunshine State increased by another six cents last week, reaching a new 2022 high.

The average price of gas in Florida is $3.51 — 15 cents more than last year’s high, and the highest daily average price since July 2014. The national average is six cents higher.

As the conflict intensifies, AAA said the energy market actually suffered its first week of losses last week. This snapped an 8-week streak of oil price gains.

After reaching a new 2022 high of $95.46 per barrel on Monday, the price for U.S. crude declined 5 percent by the end of the week. That resulted in a two percent week-over-week decline of $2 per barrel - the equivalent of a five-cent drop at the pump.

"It’s hard to get too excited about the recent oil price drop, because prices could easily rebound if Russia invades Ukraine," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "If an invasion occurs and oil prices spike, that will most certainly drag gas prices higher too. To what degree, it’s still unclear."

Florida drivers shouldn't expect prices to drop right away. According to AAA, as the conflict persists with more sanctions and retaliatory actions, the oil markets will likely respond by continuing to increase the price of crude oil to reflect more risk of disruption to tight global oil supplies.