Gas prices continue to remain high across the United States. The national average remains steady at $5.01. It’s a tad cheaper in Florida and in Orange County. According to AAA, the average is $4.89 a gallon. That’s up a penny from yesterday. Analysts say U.S. refineries are operating at almost max capacity.
They also say prices could go even higher this summer as global factors impact the cost of crude oil, stemming in part from the war in the Ukraine and pandemic recovery.
Gas prices in Florida rose an average of 13 cents per gallon over the past week and are now $4.89 a gallon on average, AAA reported on Monday.
Despite the rise, Florida prices are still below those nationwide.
The most expensive market in Florida was West Palm Beach-Boca Raton area where prices on average hit $5.01 a gallon. This was followed by Fort Lauderdale at $4.93 a gallon and Port St. Lucie at $4.92 a gallon.
The least expensive markets in Florida were in the Panhandle. Gas prices were $4.68 a gallon in the Crestview-Fort Walt Beach area and $4.69 in the Pensacola area.
What’s causing the high prices?
Even as soaring inflation and sluggish growth raise the specter of recession, global demand for oil is unlikely to fall enough to dent prices, as it did in 2008.
The worry this time around is — because it is a supply-side issue — that even if the US were to head into a recession motorists may not necessarily see prices come off at the pump substantially.
The European Union on Friday formally adopted its oil embargo, part of the sixth package of sanctions imposed on Russia over its invasion of the Ukraine. Most EU countries now have six months to phase out imports of Russian crude, and eight months for all other oil products.
For now, the bloc will likely continue to buy some oil from Russia, but it has been shopping around for alternate suppliers. According to Kpler data, imports of crude from Angola have tripled since the start of the war, while Brazilian and Iraqi volumes have risen by 50 percent and 40 percent respectively.
