x
Breaking News
More () »

AAA: Increasing oil prices likely raising Florida gas prices

The U.S. price for crude oil rose by six percent last week, according to AAA.
Credit: Getty Images/iStockphoto

FLORIDA, USA — Gas prices are on the rise again in Florida and the reason could be tied to the rising price of oil.

The U.S. price for crude oil rose by six percent last week, right around the same time the average price of gas rose by three cents, according to AAA.

That means, as of Tuesday, the average price of gas in Florida is $3.22 per gallon. However, that's still 14 cents less than the price of gas this time last year, which was $3.36 per gallon. 

"The arrow appears to be pointing up for oil prices, which means gas prices are likely to get more expensive," said Mark Jenkins, spokesman for AAA. "The oil market is bullish on global supply concerns as various members of OPEC+ have reportedly struggled to meet production goals."

AAA says crude oil prices have a huge impact on the price of gas. About half of gas prices are based on the price of oil because it's such a key ingredient in gasoline. 

In 2021, oil prices were up by as much as 78 percent, leading to a $1.17 rise in gas prices.