Why Florida gas prices are at a 7-year high

Florida gas prices are the highest they have been since 2014, as countries in control of much of the world’s fossil fuel supplies keep production low despite economic recovery from the pandemic.

How much would it cost someone with an average tank of 14 gallons to fill up? Since gas prices went up by 13 cents in some places since last week, you would be paying $1.82 more than you did then. It’s really all down to supply and demand: Production of fuel worldwide is down and people still want to fill up more than ever.

Experts say we could see gas prices stay right at this level or possibly increase over the next six months to a year. According to a AAA spokesperson, crude oil prices have faced a lot of upward pressure because the demand for fuel has been outdoing the supply level. While the global economy fared poorly during the COVID-19 pandemic, many world leaders have been reaching out to OPEC to ask for a return to pre-pandemic production levels.

According to Dr. Smythe, from the Department of Economics and Finance at Florida Gulf Coast University, those requests have been ignored.

“OPEC’s strategy may very well be, ‘We’re limiting supply of oil to, on some level, recoup some of what we lost during the pandemic period,’ say, from March or April 2020 through the summer of this year,” Smythe said. “There could be some of that going on, as well, and until they feel comfortable with their profitability or whatever else they’re using to make decisions, we may or may not see production increases.”

The oil exporters’ refusal to help out other countries with a reliance on fossil fuels thus continues to take a toll on everyday drivers, especially Floridians.

“Working people are suffering, they have less money in their pockets to take care of their family,” said Adam, a U.S. Postal Service driver.

“Wow, how long is this gonna take?” said Dee, a Lee County resident. “You know… how long we’re gonna be able to afford this? People that have children, and how are they going to afford this? Go on welfare, for sure.”

Smythe says he does not believe these fuel woes will impact tourism in Florida, because people have been locked up in their homes for so long that he believes the emotional comfort of being able to get up, fill up and leave whenever they want will to overtake the urge to stay put and save on gas.