The Iran war has caused Florida gas prices to surge more than 60 cents in just one week.
A gallon of gas on March 9 is $3.494 in Florida, which is up about 5 cents from yesterday, according to data from the AAA motor club.
Floridians living in the Panhandle are still enjoying cheaper gas prices compared to much of Florida. A gallon of gas in Pensacola costs around $3.14, which is up about two cents from the previous day and 40 cents over the last week.
Crude oil prices were over $102 a barrel as of 9 a.m. on Monday morning, according to WTI. That’s down from the weekend’s peak of $118.16 on Sunday, when global oil markets are closed.
Gas prices fluctuate daily, but can see longer lags from bigger disruptions. Here’s the latest on Florida’s growing gas prices.
Gas prices increase across US
Gas prices were already rising before the attacks on Iran began Feb. 28. It’s a regular seasonal swing as spring arrives, according to AAA.
Here’s a look at gas prices per gallon of regular provided by AAA:
Compare to:
Why are gas prices still surging?
While gasoline is a globally traded commodity, experts point toward the war in Iran being the driving factor in surging gas prices.
Iran closed the Strait of Hormuz following U.S. and Israeli attacks on Iran that began Feb. 27. Saudi Arabia, Iran, Iraq, the United Arab Emirates, Kuwait and Qatar send oil tankers through the strait, which amounts to about 20% of the world’s oil.
Fuel market have reacted strongly to developments around the Strait of Hormuz, according to AAA.
“In overnight trading Sunday into Monday, U.S. crude rose nearly $20, reaching about $110 per barrel as of press time. If oil holds near that level, Florida’s average could approach $4 per gallon again,” said AAA spokesperson Mark Jenkins.
Futures on gasolines are also impacted oil prices.
“Crude oil prices soared 36 percent last week, marking the largest weekly increase in twenty years. Friday’s closing price hit $90.90 per barrel, nearly $24 higher than the previous week and the highest since September 2023. Gasoline futures rose sharply as well, climbing 67 cents per gallon,” said Jenkins.
Where is the Strait of Hormuz?
The 100-mile-long Strait of Hormuz is between Iran and the United Arab Emirates. It connects the Persian Gulf with the Gulf of Oman and the Arabian Sea.
Where are highest gas prices in Florida?
According to AAA, the cities averaging the highest average price for a gallon of regular as of March 9 are:
Where are the cheapest gas prices in Florida?
According to AAA, the cities averaging the highest average price for a gallon of regular as of March 9 are:
How much is gas in Pensacola?
The average price of regular gas in Pensacola is $3.14, which is 35 cents cheaper than the state average of $3.494.
Where to find cheap gas in the Florida Panhandle
Whether you’re traveling or at home, gasbuddy.com offers information to find the cheapest prices for gasoline. It’s important to note that this is user-submitted information, so accuracy can vary. You can find the cheapest gas in Pensacola by following this link. You can find an interactive map through this link.
Brandon Girod is the digital coach at the Pensacola News Journal, part of the USA TODAY Network. You can get all of Pensacola’s best content directly in your inbox each weekday by signing up for the free Daily Briefing newsletter, at pnj.com/newsletters.
This article originally appeared on Pensacola News Journal: How much is gas in the Florida Panhandle? Up 40 cents from last week
Reporting by Brandon Girod, Pensacola News Journal / Pensacola News Journal
USA TODAY Network via Reuters Connect
