17:00 PM

Gas Price Hikes are Likely After Attacks on Saudi Arabian Oil

Gas prices could rise 5-20 cents as a result

Florida drivers could soon see gas prices move higher, as crude oil prices surged overnight after a series of drone attacks on Saudi Arabian oil facilities during the weekend.

The drone attacks targeted two huge Saudi processing plants, knocking out half the kingdom's oil capacity, and nearly six percent of what the world consumes every day. Various news reports have suggested other countries would ramp up production to offset the shortage. Overnight, President Trump authorized the release of oil from the Strategic Petroleum Reserve in effort to balance the market.

Crude oil and gasoline futures prices opened with a bang Sunday night. US benchmark - West Texas Intermediate - jumped 11 percent or a total of more than $6 for a barrel of oil. Gasoline futures also rose 11 percent or about 17 cents per gallon.

"This is a fluid situation which has quickly ignited, but could also flame out - depending on how the market responds over the next couple of days," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "If oil prices hold at current levels, drivers could see gas prices begin to rise anywhere from 5-20 cents by the end of the week."

Florida drivers are currently paying an average price of $2.40 per gallon. The state average is 3 cents less than a week ago, and 34 cents less than this time last year. The highest daily average price so far this year was $2.80 per gallon; the lowest was $2.12.

Regional Prices

  • Most expensive metro markets – Panama City ($2.53), West Palm Beach-Boca Raton ($2.51), Tallahassee ($2.48)
  • Least expensive metro markets – Tampa-St. Petersburg-Clearwater ($2.33), Pensacola ($2.36), Orlando ($2.36)

Find Florida Gas Prices

(Price per gallon of regular unleaded gasoline)

Sunday Saturday Week Ago Month Ago One Year Ago

2019 High

2018 High Record High
National $2.565 $2.567 $2.562 $2.641 $2.851 $2.895 $2.97 (5/26/2018) $4.11 (7/17/2008)
Florida $2.399 $2.404 $2.425 $2.454 $2.739 $2.795 $2.92 (5/25/2018) $4.08 (7/17/2008)
Georgia $2.426 $2.424 $2.385 $2.492 $2.724 $2.735 $2.84 (5/27/2018) $4.16 (9/15/2008)
Click here to view current gasoline price averages

Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

About The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.9 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 59 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.