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Gasoline prices could jump 50 cents — almost the highest on record

 Oil prices have hit their highest level in a decade.
Eric Gay
/
AP file
Oil prices have hit their highest level in a decade.

The U.S. Energy Information Administration says oil prices have surged to their highest level in a decade due to the conflict between Russia and Ukraine.

More bad news at the gas pump: Prices could soon jump 40 to 50 cents.

The U.S. Energy Information Administration says oil prices have surged above $110 a barrel — the highest in a decade — due to the conflict between Russia and Ukraine.

Mark Jenkins, spokesman for the AAA auto club, said sanctions have "effectively removed Russian oil from the market." Prices accelerated Wednesday, he said, when OPEC and its allies announced they would not ramp up production beyond modest increases previously planned.

Thursday's average price for gasoline in Florida was $3.62 per gallon, but the price of oil could push that beyond $4, AAA says.

The average price in Georgia was 2 cents cheaper on Thursday.

The highest average price ever recorded in Florida: $4.08 on July 17, 2008 — 14 years ago, AAA says. In Georgia, it was $4.16 two months later.

As of Friday morning, gas prices across the greater Tampa Bay region were averaging $3.63 a gallon.

AAA says rising prices are already discouraging people from driving. A AAA survey found that 39% of Florida drivers are driving less often, and 27% are making shorter trips.
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Randy Roguski