Russian-Ukrainian Invasion, Summer Travel, Other Factors Causing High Pump Fees In FL

FLORIDA — Gas prices in Florida have increased by 4 cents following the first day of the most recent Russian-Ukraine invasion, according to an AAA press release.

Oil prices did spike about a week ago when Russia invaded Ukraine. Russia is the third-largest oil-producing country in the world and the crude oil market already experienced narrow trades prior to the Russian-Ukraine invasion, AAA said.

Prices quickly retreated to previous levels after President Joe Biden announced sanctions that didn't specifically target Russian oil.

Unfortunately, oil prices quickly shot up Sunday night, when international trading began. The market reported the US price of oil traded above $96 per barrel as trading started—an increase of about $5 from Friday's closing price of $91.59, according to AAA.

Mark Jenkins, AAA spokesperson, said the removal of Russian banks from SWIFT has made it more difficult for other countries to purchase oil and gas.

"Unless oil prices reverse course, the pain at the pump is about to get even worse for Floridians," Jenkins said. "There has been a lot of speculation about oil prices, and the high seems like a moving target. If oil lands at $95 a barrel for a sustained period of time, drivers could expect to see a 15 cent jump at the pump. If US oil reaches $100 a barrel, the total increase would be more like 25-30 cents per gallon."

The Russian invasion isn't the only issue keeping upward pressure on pump prices. The busy spring and summer driving seasons are drawing near, which typically lead to strong fuel demand. Summer gasoline is moving into the market, which is more expensive to produce. Refineries are conducting seasonal maintenance, which can reduce normal gasoline production levels, AAA said.

And in addition to all those seasonal trends, there was an explosion at a Louisiana refinery last week, Jenkins said.

According to Jenkins, Floridians are paying an average price of $3.52 per gallon. That's the most expensive daily average since July 2014. Florida gas prices have risen an average of 33 cents per gallon since the beginning of 2022, and $1.33 per gallon since the beginning of 2022.