Florida Gas Average Up 29 Percent In Two Weeks

By The News Service of Florida

Pump prices in Florida increased 27 cents over the past week and have grown 82 cents since the on-going conflict with Iran began.

The auto club AAA reported the average gallon of gas in Florida at $3.72 on Sunday, from a low of $3.40 in Okaloosa County on the Panhandle to $4.02 in Monroe County, which includes the Florida Keys.

The state average was $2.89 on Feb. 28 when the U.S. and Israel began attacks targeting the Islamic Revolutionary Guard Corps and senior leadership.

“For now, there is no clear ceiling on how high oil prices could go if geopolitical tensions continue escalating,” Patrick De Haan, head of petroleum analysis at GasBuddy, wrote Sunday. “Oil markets are currently pricing in risk, uncertainty, and the possibility of supply disruptions, which could keep volatility extremely high in the days ahead.”

The national average rounded to $3.70 on Sunday and De Haan put a “near term” increase to $3.80 and $4 as the situation escalates around Kharg Island. The island is a core of Iran’s oil economy northwest of the Strait of Hormuz, where 20 percent of global oil for consumption typically travels daily.

Florida’s average is among the top 10 for states. However, the increase over the past week wasn’t among the largest in the nation, with GasBuddy noting that western states have been particularly vulnerable to sharp increases due to higher baseline prices and tighter fuel supply chains.

Diesel prices in Florida were also up 58 cents over the past week, to $5.07, ninth highest among states.

For electric vehicles, the per kilowatt hour cost at charging stations in Florida has held around 41 cents the past week. The price rounded to 39 cents on Feb. 28. Nationally, the average rounds to 42 cents. The average was 39 cents on Feb. 28.