JACKSONVILLE, Fla – Oil and gas prices surged overnight as the Russian invasion of Ukraine continues.
Russia is the world’s second-largest producer of natural gas and one of the largest oil producers.
Even though the U.S. doesn’t get any of its oil from Russia, Florida gas prices have increased four cents last week and it’s expected to go higher.
Floridians are paying an average price of $3.52 per gallon being the most expensive daily average since July 2014.
Russia’s invasion of Ukraine has added uncertainty to an already tight oil supply, meaning Americans will likely be paying more for gas and oil.
Oil prices quickly shot up Sunday night, when international trading began. The U.S. price of oil was trading above $96 per barrel which is an increase of nearly 5%.
According to AAA, the average gas price may hit $4 a gallon this spring. Joe Krier, a financial analyst in Jacksonville, believes they could go even higher.
“Well, you can expect five bucks, I think, on gas. I don’t know how quickly,” Krier said. “And, you know, the feds are trying to do something about it, but they’re talking about a holiday on the 18 cents per gallon, and that doesn’t help anybody. It just puts the fed more in debt.”
David Pearce runs a small lawn business and puts around $35 of gas into his truck a day. He has customers from Atlantic beach to San Marco, and he says he may have to raise rates if gas continues to go up.
“If it continues to go up, I’ll have to raise prices,” he said.
In the meantime, here are some tips on how to save a little on gas.
- Drive more gently
- Don’t speed or race from stoplight to stoplight.
- Make your fill-ups stretch farther by combining trips
- Look for gas stations with the most affordable gas
The Russian invasion into Ukraine isn’t the only thing that can cause higher gas prices. Spring and summer travel will also play a critical role. There’s typically a stronger demand for fuel during these seasons which is more expensive to produce.
GasBuddy, Gas Guru and AAA TripTi are great tools to use to look for affordable gas prices.