U.S. Average Gas Price Exceeds $5 a Gallon
According to AAA, the national average price for gasoline exceeded $5 a gallon over the weekend. The average price is also above $5 a gallon in 21 states and the District of Columbia. Florida's state average has not exceeded the $5 threshold, yet it's not far off.
Florida gas prices alone averaged $4.89 per gallon on Sunday. The state average set another record high after increasing 13 cents per gallon during the past week.
Florida gas prices are now 65% more expensive than a year ago. On average it costs $72 to fill an average-sized 15-gallon tank of gas. That's $28 more than what drivers paid this time last year. Although the state average remains below $5 a gallon, drivers in South Florida are already beginning to see regular unleaded prices above $5.
"The unprecedented pain at the pump continues to worsen after oil prices reached new multi-month highs, last week," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The reason remains the same - ongoing concerns that global fuel supplies can not keep pace with rising fuel demand. Oil production was already tight coming out of the pandemic. Now competition for fuels has increased, as most of the world seeks alternatives to Russian output. The uncertainty about when conditions will normalize has kept upward momentum on prices at the pump.
"The continued uncertainty surrounding global supply and demand has made it extremely difficult to pin down any realistic expectations on when drivers will see meaningful relief from sky high gas prices," Jenkins continued. "The Florida average price for gasoline is likely to exceed $5 a gallon this summer, if not before the end of June. From there, drivers should expect gas prices to continue fluctuating throughout the rest of the year."
On Wednesday, the U.S. price of crude oil reached a 3-month high of $122.11 per barrel, but finished the week slightly lower. Friday's settlement of $120.67 per gallon is nearly $2 more than the week before.
Many analysts are now predicting that fast rising gas prices are expected to significantly impact U.S. vacation plans for the balance of 2022 beginning with the upcoming July 4th vacation holiday weekend.