TAMPA, Fla. — Relief at the gas pump? Not anytime soon and maybe not in the months ahead, at least on the track the nation is on right now.
The average price of a gallon of unleaded gas sits at $3.47 on Monday, an increase of about 12 cents from a week prior, according to the AAA auto group. This current average rivals that of about eight years ago, set in July 2014.
And in the face of rising oil prices and other global headwinds, we may not have yet hit the ceiling.
"Unfortunately it looks like the pain at the pump may continue to worsen, after oil prices saw another strong round of gains last week," AAA spokesperson Mark Jenkins said in a statement.
The above chart from GasBuddy, the popular crowd-sourced gas price tracker, says it all: Florida's (in the red line) average price for a gallon of regular gas largely follows that of the nation's (in the blue line), with its peaks and dips. Both currently average around the $3.50 mark last seen just before the big decrease in 2014.
Experts project tensions between Russia and Ukraine and other seasonal issues will continue to provide upward pressure on oil prices, which recently crossed $90 a barrel for the first time since October 2014. With oil being a key ingredient in the making of gasoline, AAA says its price influences about half the total price at the pump.
It expects another 13-cent increase with the recent upswing in oil prices. GasBuddy's head of petroleum analysis forecasts more in the months going into the summer.
"Gas prices saw their sharpest rise in months last week as oil surged to $93 per barrel, on continued concerns over Russia invading Ukraine and that there won't be enough supply to meet demand come this summer," said Patrick De Haan with GasBuddy. "With the national average at its highest level since 2014, the news is grim: motorists should expect even more price increases, with the larger jumps coming later this spring as a confluence of seasonal factors and the potential flare up in geopolitical tensions.
"Ultimately, the national average could be pushed to record territory by the start of the summer driving season."
