© 2022 All Rights reserved WUSF
News, Jazz, NPR
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Economy / Business

Gas prices in Florida reach a nearly eight-year high over concerns of a Russian invasion

gasprices3_012320_0.JPG
Carl Lisciandrello
/
WUSF Public Media

Although prices dipped slightly over the weekend, they reached their highest levels since July 2014 last week.

Last week, gas prices in Florida reached their highest levels in nearly eight years.

According to AAA, the average price of a gallon of gas climbed to $3.51.

That's an increase of 6 cents from the previous week, and 15 cents more than last year. It's the highest level since July 2014.

According to AAA spokesman Mark Jenkins, the spike is due to concern over a possible Russian invasion of the Ukraine.

And although prices dipped slightly over the weekend, Jenkins said prices could climb once again if an invasion does occur.

"It's hard to get too excited about the recent oil price drop, because prices could easily rebound if Russia invades Ukraine," Jenkins said in a press release. "If an invasion occurs and oil prices spike, that will most certainly drag gas prices higher too. To what degree, it's still unclear."

Prices dropped by a penny over the weekend. Motorists across the greater Tampa Bay region are now paying an average of $3.49 a gallon.