Global conflict pushed oil costs to new heights this week, as Floridian wallets are hit by the highest average price per gallon in over a decade, topping $4 a gallon on average statewide.
Gas prices rose 28 cents in the last 3 days and 46 cents since Russia’s invasion of Ukraine 10 days ago, sending the global oil market into freefall. The record high in Florida is $4.08, reached at the peak of the 2008 gas crisis, though with a prolonging Russian war effort, that number is expected to be usurped in the coming days.
“Russia’s invasion and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters,” said Andrew Gross, AAA spokesperson. “Like the U.S. stock market, the oil market responds poorly to volatility. It’s an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers.”
In the last week, U.S. crude oil prices surged 13 percent to roughly $113 per barrel. The cost of natural gas also reached a record in Europe as the war stoked market fears about a supply shock, the Associated Press reported.
Today’s statewide average for a gallon of gas is $4.007, 56 cents higher than a month ago and nearly 2 dollars more than a year ago.
Monroe County reflects the highest gas prices statewide at an average of $4.18 per gallon, while Lafayette and Palm Beach Counties trail just behind at $4.13 and $4.11 per gallon, respectively.
Joe Biden recently ruminated on the implementation of a federal gas tax, a move that Gov. Ron DeSantis previously committed to in November. The governor called upon lawmakers to allocate $1 billion in the state budget a gas tax relief that would be passed along to consumers and their wallets.
“What we’re going to be proposing in the next legislative session is over $1 billion in gas tax relief,” said DeSantis. “There’s a whole bunch of things that go into the price of gas, different taxes, federal, state, local level. We’re taking over 25 cents from Florida and we’ll basically zero that out for as long as we can and do over a billion dollars.”
The proposal, which won’t pull funding from transportation or infrastructure projects, would be enacted at the beginning of July. DeSantis claims that the move would save each Florida family $200 on average.