Gas prices are continuing to climb in Florida and nationwide.
New data from AAA shows the average cost for a gallon of gas in our state is $4.76. That’s up one cent from yesterday.
Most Central Florida local counties are reporting similar averages, only Brevard is showing a slightly lower average, at $4.74.
The national average is creeping toward $5, at $4.86.
That’s two cents higher than yesterday and 25 cents higher than this time last week.
AAA says a combination of tightening global supplies and high demand are the main reasons behind the pain at the pump.
Experts advise avoiding speeding, combine your errands to limit driving time and cut down on your AC use.
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 we were to head into a recession … we may not necessarily see prices come off at the pump substantially,” Smith said.
The European Union on Friday formally adopted its oil embargo, part of a sixth package of sanctions imposed on Moscow over its invasion of 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, Smith said, 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% and 40% respectively.
Sourcing oil from more far-flung locations will keep prices high, Roslan Khasawneh, senior fuel oil analyst at Vortexa, an energy data firm, told CNN Business.
“A direct impact of this is the higher freight cost due to the longer-haul voyages, and in turn, delivered costs of the oil,” he said.
Governments can do a few things to ease prices, including offer fuel subsidies and capping prices at the pump. But the silver bullet the world really needs to bring down prices — a lot more supply — is hard to come by.