Gas Prices Up Another 12 Cents Since Last Week

February 7, 2022

Florida gas prices jumped another 12 cents last week, rising a total of 24 cents in two weeks. Sunday’s state average of $3.47 per gallon is the most expensive daily average price since July 2014.

The average price per gallon was $3.29 in Escambia County. A low of $3.29 could be found at a few stations Sunday night in North Escambia, while prices bottomed out at $3.09 in Pensacola.

On Friday, the U.S. price for crude oil settled above $90 a barrel for the first time since October 2014. Friday’s settlement of $92.1 per barrel is $5.49/b more than the week before, and $7.66/b more than last year’s high.

Since oil is a key ingredient in gasoline, the price of oil influences about half the total price of what drivers pay at the pump. So far this year, the U.S price for crude oil has risen 21%. That $16 increase in crude is the equivalent of a 40 cent swing in gasoline prices. So far this year, gas prices have risen 27 cents, which means pump prices may rise another 13 cents before fully adjusting to the latest oil price hike.

“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, spokesman, AAA – The Auto Club Group. “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.”

Comments

3 Responses to “Gas Prices Up Another 12 Cents Since Last Week”

  1. sam on February 8th, 2022 8:54 am

    Thanks Biden, he’s been taking the country down a hole since the election.

  2. Swampfox on February 7th, 2022 1:56 pm

    @ David Green
    You’re correct on 42 gallons per barrel. Some sources are saying we only have 42 years left of that useful crude !

  3. David Huie Green on February 7th, 2022 11:45 am

    (and for those who wonder, a barrel is defined to be 42 gallons)

Written by William Reynolds · Filed Under News