Gas experienced another jump in cost this past week, sitting at $4.10 a gallon as of Monday, up 10 cents from a week ago, though experts predict that a price drop could be coming sooner rather than later.
The recent dip in pump prices has reversed, with the state average for a gallon of regular gas eclipsing the 4 dollar mark again. Upward pricing pressure on concerns that less Russian oil will enter the global market is countered by fears of a COVID-induced economic slowdown in China, the world’s leading oil consumer, according to AAA. These opposing forces are causing the oil price to hover around $100 a barrel.
“The roller coaster ride at the pump continues,” AAA spokesman Mark Jenkins said in a prepared statement. “After rising two weeks ago, gas prices should remain tied to the price of oil, which was on its way back down last week. Based on wholesale and gasoline futures trends, gas prices could decline 5 to 10 cents, unless oil prices rebound again.”
As the federal government continues to incrementally release barrels of oil from the U.S. federal reserves, it is speculated that the fear of Russian oil scarcity in the market could be mitigated. Through the coming months, a total of 180 million barrels of oil will be used from reserves.
“Gas prices are drifting lower now that oil prices are declining again,” said Jenkins in a press release after Joe Biden announced the release of reserve oil earlier this month. “The downward pressure was compounded by news that other countries are considering similar actions. The oil price drop could enable gas prices to fall back below $4 a gallon soon.”
Drivers around the state will find the highest price per gallon across parts of South Florida. Palm Beach ($4.26), Monroe ($4.26), and Broward ($4.17) counties posted some of the highest gas prices in the state. Florida’s panhandle is posting the cheapest prices across The Sunshine State, with the Pensacola region averaging $3.90 per gallon.