Gas prices across Florida have set another record high, and could eventually climb to $5 by the summer.
According to a AAA press release, the average price of a gallon of gas climbed to $4.76 on Sunday. That's an increase of 18 cents from the previous week, and 66% higher than at this point last year.
Mark Jenkins, a spokesman for AAA, said in the release that oil and gas made strong gains in the futures market last week, largely due to supply concerns over the European Union's ban of Russian oil as well as increased demand expected this summer.
Jenkins warns that gas prices could each reach $5 a gallon this summer.
"Unfortunately, the pain at the pump is likely to get even worse this week," Jenkins said in the release. "Gasoline made very strong gains in the futures market last week. When that happens, we normally see retail prices rise.
"It can take days or a week for pump prices to reflect the change, but It wouldn't be a surprise to see retailers raise their prices another 20 cents by Monday night. At this rate, it sure seems like there's very little resistance to rising prices at the pump, and $5 a gallon is quickly becoming a very real possibility this summer."
It now costs an average of $71 a gallon to fill an average-size 15-gallon gas tank, almost $29 more than a year ago, according to AAA.
Motorists across the greater Tampa Bay region are also paying an average of $4.76 a gallon.
AAA suggests this tips to save gas:
- Combine errands to limit driving time.
- Shop around for the best gas prices
- Pay with cash. Some retailers charge extra for credit card payments
- Remove excess weight in your vehicle.
- Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
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