May 27, 2022

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Gas prices in Florida fell slightly on Monday

Gas prices in Florida fell slightly on Monday

Monday morning brought some slight relief to Florida residents grappling with record-high gas prices, as Monday saw the average price of $4.32, a few cents lower than Friday’s all-time high of $4.37, still well above what it was. People are used to paying. A week ago it was $4, a month ago it was $3.45 and a year ago it was $2.86. Fuel costs – a gallon of gas is costing more than ever – and experts say the price increases won’t stop any time soon. The average price for a gallon of gas is $4.33, which is higher than it was in 2008 when it was $4.11. The Russian invasion of Ukraine continues to be a major factor in rising gas prices—among other reasons—even though the United States hardly uses Russian oil. The problem at hand is that Russia is one of the largest suppliers of oil in the world and that the decline in supply affects world prices. In response, the Biden administration is quietly looking to Saudi Arabia and the United Arab Emirates to offset higher oil prices. For that to happen, US officials will have to address deeply strained relations between the Biden administration and both countries, and industry analyst Trilby Lundberg of the Lundberg Survey said gas prices are likely to remain high in the short term as crude oil costs rise amid global supplies. Fears after the Russian invasion of Ukraine. Nationally, the highest average price for a regular grade was in the San Francisco Bay Area, at $5.79. The lowest average in Tulsa, Oklahoma, is $3.80.

Monday morning brought some slight relief to Florida residents grappling with record-high gas prices.

Monday saw the average price of $4.32, which is a few cents lower than Friday’s high of $4.37.

The price is still much higher than what people used to pay.

A week ago it was $4, a month ago it was $3.45 and a year ago it was $2.86.

Related: Gas price hike dents Central Florida spring break plans

Related: Florida truckers will be pushing hundreds more at the pump due to rising fuel costs

A gallon of gas is costing more than ever — and experts say the price increases won’t stop any time soon. The average price for a gallon of gas is $4.33, which is higher than it was in 2008 when it was $4.11. The Russian invasion of Ukraine continues to be a major factor in rising gas prices—among other reasons—even though the United States hardly uses Russian oil. The problem at hand is that Russia is one of the largest suppliers of oil in the world and that the decline in supply affects world prices. In response, the Biden administration is quietly looking to Saudi Arabia and the United Arab Emirates to offset higher oil prices. For that to happen, US officials will have to address the deeply strained relations between the Biden administration and both countries.

Industry analyst Trilby Lundberg of the Lundberg Survey said gas prices are likely to remain elevated in the short term as crude oil costs rise amid concerns about global supplies in the wake of the Russian invasion of Ukraine. Nationally, the highest average price for a regular grade was in the San Francisco Bay Area, at $5.79. Average lowest is in Tulsa, Oklahoma, at $3.80.

Related: Orlando transportation drivers consider other jobs due to record high gas prices

The Associated Press and CNN contributed to this article