The average price of gasoline in Florida has once again surpassed the four-dollar mark per gallon, reaching $4.14 on Sunday, according to the weekly report from AAA published this Monday, and experts warn that the figure could continue to rise.
The increase amounts to 23 cents more than a week ago, 19 cents above the previous month, and $1.18 more than a year ago, a difference that reflects the accumulated impact of escalating tensions in the Middle East on the energy market.
Mark Jenkins, spokesperson for AAA - The Auto Club Group, stated that tensions in that region intensified last week and resulted in a significant increase in crude oil prices, which directly impacted gas stations.
"Drivers in Florida are now seeing those higher costs reflected at the gas stations. If oil prices remain high, motorists could face additional upward pressure on gasoline prices this week," Jenkins warned.
The spokesperson specified that "the state average could reach up to $4.19 per gallon if oil prices remain high."
The factor behind the increase in costs is the armed conflict between the United States and Iran over the strategic Strait of Hormuz, through which approximately 20% of the world's oil and liquefied natural gas passes.
Since early September, attacks on oil tankers in the area have been reported, and the United States began escorting 40 commercial ships carrying 18 million barrels of crude oil in an unprecedented operation during wartime.
As a direct consequence, the price of crude oil in the United States has increased by nearly 20% in the past two weeks, rising from $83 per barrel to over $100.
The AAA reminds us that crude oil accounts for more than half of the price consumers pay for gasoline, which explains the rapid way in which shocks in the oil market are reflected at the pump.
The increase observed this Monday is also part of a cyclical pattern typical of Florida: according to the AAA report, "prices at the stations tend to spike at the beginning of the week and then gradually decline over the course of the week and into the weekend."
Before the recent geopolitical escalation, that cycle drove prices to a peak of around $3.99 per gallon. With crude oil trading above $100, that threshold has increased, and the state average has settled above four dollars.
The disparity between areas of the state is notable. The most expensive metropolitan markets are West Palm Beach-Boca Raton, at $4.30 per gallon, followed by Gainesville ($4.21) and Naples ($4.19). At the opposite end, Panama City and Pensacola offer the cheapest fuel, at $3.97 per gallon, along with Crestview-Fort Walton Beach, at $3.98.
This increase comes weeks after gasoline reached a record price in the United States during the Labor Day weekend, when the national average rose to $4.14 per gallon, surpassing the previous record for that holiday of $3.82, set in 2012.
The evolution of prices in the coming days will largely depend on the oil market: new increases in crude oil could result in additional hikes at the pump, while a decrease could relieve the pressure on drivers in Florida.
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