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$5 gasoline could hit pumps soon

Surging gasoline prices have been a main driver of inflation in recent months.
Stefani Reynolds
/
AFP via Getty Images
Surging gasoline prices have been a main driver of inflation in recent months.

Florida's gasoline prices have never been higher, and $5 gasoline could be on the horizon.

The average price statewide jumped 18 cents last week to a record $4.76 per gallon on Sunday. Duval County's average price was about a penny less.

Crude oil prices rose $3 again last week, so pump prices are likely to follow within days or a week.

"At this rate, it sure seems like there's very little resistance to rising prices at the pump, and $5 a gallon is quickly becoming a very real possibility this summer," said Mark Jenkins, spokesman for the AAA auto club.

Florida's gas prices are now 66% more expensive than a year ago, AAA says. It now costs $71 to fill an average size 15-gallon tank of gas. That's nearly $29 more than what drivers paid a year ago.

Jacksonville's gas prices averaged $2.80 a year ago. Prices are 14% higher than just a month ago.

AAA says oil and gasoline futures prices are rising in response to global supply concerns sparked by the European Union's Russian oil ban. At the same time, global fuel demand increased after china lifted COVID-19 restrictions in Shanghai.

According to the U.S. Energy Information Administration, crude oil stocks are 15% below a year ago and gasoline stocks are 6% lower. Gasoline exports are up 89% compared to this time last year.

Randy comes to Jacksonville from the South Florida Sun Sentinel, where, as metro editor, he led investigative coverage of the Parkland school shooting that won the 2019 Pulitzer Prize for public service. He has spent more than 40 years in reporting and editing positions in Illinois, Iowa, Missouri, Ohio and Florida. You can reach Randy at rroguski@wjct.org or on Twitter, @rroguski.