Gas prices across Florida increased by 4 cents last week, and could go even higher amid growing concerns over Russia's invasion of Ukraine.
According to AAA, the average price of a gallon of gas rose to an average of $3.52. That's the highest average price since July 2014.
According to AAA spokesman Mark Jenkins, prices rose sharply following the invasion, but leveled off after President Biden issued sanctions which didn't specifically target Russian oil.
But the decision to block some Russian banks from the SWIFT international payment system could make it more difficult to purchase Russian oil and gas, and drive prices even higher.
"Unless oil prices reverse course, the pain at the pump is about to get even worse for Floridians," Jenkins said in a press release. "There has been a lot of speculation about oil prices, and the high seems like a moving target.
"If oil lands at $95 a barrel for a sustained period of time, drivers could expect to see a 15-cent jump at the pump. If U.S. oil reaches $100 a barrel, the total increase would be more like 25-30 cents per gallon."
Gas prices have risen an average of 33 cents since the beginning of the year, $1.33 since the start of 2021.
Drivers across the greater Tampa Bay region are paying an average of $3.49 a gallon.
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