Florida drivers experienced yet another week of volatile gas prices as the state average fluctuated between $3.11 and $3.06 per gallon before returning to $3.11 by Sunday. Experts warn that rising oil prices driven by geopolitical developments and winter weather could further inflate prices at the pump in the coming weeks.
“Fuel prices have cycled within the same range for the past couple of months, but a recent oil price hike threatens to bring upward pressure on prices at the pump,” said Mark Jenkins, spokesperson for AAA – The Auto Club Group.
Crude oil prices surged 4% last week, with the U.S. benchmark closing at $76.57 per barrel on Friday—the highest daily settlement since October. Analysts attribute the increase to two key factors: U.S. sanctions on Russian petroleum and extreme winter weather impacting parts of the U.S.
RELATED: US Expands Sanctions On Russia Targeting Key Economic, Energy Sectors
The sanctions, targeting Russian oil producers and 183 ships reportedly transporting crude to China and India, are part of an effort to restrict funding for Moscow’s ongoing war in Ukraine.
These measures could force China and India to seek alternative oil supplies from the Middle East, Africa, and the Americas, potentially reshaping global supply chains.
In addition to sanctions, rare winter storms in Texas and other parts of the South are expected to spike demand for heating oil and other distillates, according to OPIS. Prolonged below-average temperatures are driving a need for more fuel, putting additional pressure on the already tight oil market.
READ: Santa Ana Winds Poised To Intensify Wildfire Threat In California
While Florida gas prices have remained relatively stable in recent months, the recent surge in oil prices has raised concerns about higher costs for consumers.
“Drivers should be prepared for the possibility of an uptick in gas prices in the coming weeks,” Jenkins noted, emphasizing that global developments and weather conditions will be key factors to watch.
As Florida enters a critical period for fuel costs, AAA advises drivers to monitor local prices, conserve fuel when possible, and take advantage of fuel-saving strategies to mitigate the impact of potential price increases.
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