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Florida Gas Prices Set New 2022 High As Oil Prices Reverse Course - NewsBreak

Published on: 02/21/2022

Description

Florida gas prices increased another 6 cents last week, setting a new 2022 high of $3.51 per gallon. That’s 15 cents more than last year’s high, and the highest daily average price since July 2014.

The state average did drift lower over the weekend by a penny. Sunday’s state average of $3.50 per gallon is 5 cents more than this time last week; 90 cents more than this time last year.

As tensions mount regarding a potential Russian invasion of Ukraine, 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% by the end of the week. That resulted in a 2% week-over-week decline of $2 per barrel – the equivalent of a 5 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.”

This story,  Florida Gas Prices Set New 2022 High As Oil Prices Reverse Course, originally appeared in its entirety on The Free Press.

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