ORLANDO, Fla. — Florida gas prices are the highest they’ve been in eight years.
Gas prices jumped another 12 cents last week, rising a total of 24 cents in two weeks.
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AAA reported that Sunday’s state average of $3.47 per gallon is the most expensive daily average price since July 2014.
“Unfortunately it looks like the pain at the pump may continue to worsen, after oil prices saw another strong round of gains last week,” said Mark Jenkins, an AAA spokesman. “The upward momentum in crude prices has been driven by geopolitical concerns related to Russia, cold weather and underwhelming global crude output. The price of crude rose $6 last week, which if sustained, could trigger another 10-15 cent hike at the pump in the coming weeks.”
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AAA said that on Friday, the U.S. price for crude oil settled above $90 a barrel for the first time since October 2014.
Since oil is a key ingredient in gasoline, its price influences about half the total gasoline price drivers pay at the pump, AAA said.
According to AAA, the U.S. price for crude oil has risen 21% this year. That $16 increase in crude is the equivalent of a 40 cent swing in gasoline prices.
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Gas prices have risen 27 cents so far this year, which means pump prices may rise another 13 cents before fully adjusting to the latest oil price hike, AAA reported.
“Drivers who want to maximize their money at the pump should consider paying in cash, as some retailers charge extra for credit card users,” Jenkins said. “You may also want to enroll in fuel rewards programs like the one from AAA, which saves members 5 cents per gallon during each fill-up. From there, you can maximize your fuel economy by ensuring your vehicle is properly maintained, combining errands, and slowing down. Gas mileage decreases rapidly at speeds above 50 miles per hour.”
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The average cost of a 15 gallon tank is $52.
To see a breakdown of gas prices in your area, click here.
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