Florida Gas Prices Spike Following Iran Attacks

By The News Service of Florida

Gas prices have jumped nearly 60 cents in Florida since ongoing U.S. and Israel strikes on Iran started just over a week ago and effectively halted tanker traffic in the Strait of Hormuz, a chokepoint for global oil traffic.

The auto club AAA put an average gallon of gas in Florida at $3.45 on Sunday, from a low of $3.04 in Okaloosa County in the Panhandle to $3.70 in Monroe County, which includes the Florida Keys.

The prior Sunday, the average in Florida was $2.89 a gallon.

The national average grew from $2.98 a gallon to $3.45 over the past week.

Patrick De Haan, head of petroleum analysis at GasBuddy, cautioned Sunday night that another round of pump price increases may be pending as crude oil trading surpassed $100 a barrel.

“Because oil is surging again in Sunday evening electronic trading, wholesalers and refiners may implement rare ‘intra-day’ price increases at fuel terminals starting Monday morning as they move to pass along the higher cost of crude oil,” De Haan wrote Sunday night. “This could trigger a second wave of gasoline price increases, particularly in states that use price cycling systems such as Michigan, Indiana, Ohio, Illinois, Kentucky, Texas, Florida, Colorado, North Carolina, and South Carolina.”

Florida’s increase this past week was the fourth largest among states, trailing only Indiana, Ohio and Michigan, according to GasBuddy.

Florida also was among the 10 states with the fastest growing diesel prices.

“For trucking companies, farmers, freight carriers, and construction firms, these types of spikes are particularly disruptive because fuel surcharges and budgets often cannot adjust fast enough,” De Haan wrote.

For electric vehicles, the per kilowatt hour cost at charging stations in Florida went from 39 cents to 41 cents over the week.

AAA noted the increase in fuel prices is mixed with the annual springtime rise in demand and energy producers shifting to the more expensive summer-blend.