OCALA, FL (352today.com) – Florida gas prices continued their unpredictable trend, with the state average dropping from $3.11 per gallon to $3.06 mid-week before climbing back to $3.11 by Sunday.
“Fuel prices have cycled within the same range for the past couple months, but a recent oil price hike threatens to bring upward pressure on prices at the pump,” said Mark Jenkins, spokesman for AAA – The Auto Club Group. “Oil prices rose to multi-month highs on winter weather woes and U.S. sanctions on Russian petroleum. This could place upward pressure on prices at the pump.”
WORKWEEK WEATHER: Strong storms expected to sweep through Ocala Monday afternoon
In Ocala, GasBuddy.com reported the lowest gas price at $2.85 per gallon at Sam’s Club on SW College Rd. as of Sunday. Walmart on SR-200 also had gas priced at $2.85 per gallon.
The U.S. crude oil price increased by $3 per barrel (4%) last week. Friday’s closing price of $76.57 per barrel marked the highest daily settlement since early October. The rise follows U.S. sanctions on Russian oil producers and 183 ships transporting oil to China and India. These sanctions aim to reduce financial support for Moscow’s war against Ukraine, pushing China and India to seek oil supplies from the Middle East, Africa, and the Americas.
As the global oil market assesses the impact of these sanctions on supply, concerns grow over extended periods of below-average temperatures. OPIS reports that rare winter storms in Texas and the southern U.S. are expected to increase demand for distillate and heating oil sharply.