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Gas prices soar to another record high

Published: May. 12, 2022 at 4:26 PM EDT
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Fuel frustration is growing in South Florida as gas prices soar to another record high.

The average cost for a gallon of regular gas in Florida is $4.40 on Thursday.

Unfortunately, Palm Beach County has the highest prices in Florida, averaging $4.53, nearly 13 cents higher that the state average.

We continue to set new records and AAA said so many factors happening at one time is causing this, and relief is likely still months away.

Overnight Thursday, new sticker shock at the gas pump as prices continue to climb.

"They're ridiculous is you ask me," said driver Justin Spikes.

Spikes is only putting $20 worth of gas in his pickup truck after the average price for a gallon of regular in Florida jumped to $4.40 Thursday.

"We have to all still go to work and make a living, so unfortunately we have to pay what they have at the gas pumps," Spikes said.

Gas in Florida is sitting just slightly under the national average.

AAA said the spike is being caused by a number of reasons, including the upcoming summer driving season increasing demand and global supply is tighter after the pandemic and Russia's invasion in Ukraine.

"We're exporting more fuel now because a lot of other countries are boycotting Russian fuel and they're looking to get their sources elsewhere," said Mark Jenkins with AAA.

AAA said the state average could likely reach $4.50 a gallon before trending lower, but there's so much uncertainty.

"The cost of gas prices are going up, but what about the wages?" Spikes said.

William Luther, an associate professor of economics at Florida Atlantic University, said wages have gone up over the last year, but not fast enough to keep up with inflation.

"Workers have to go to their employers and say, look, in real terms, you're paying me less than you were last year, so we have to renegotiate," Luther said.

In the meantime, drivers like Spikes are cutting back and consolidating errands.

"Things you need to do, do it on the way home, on your way home from work," Spikes said. "That's the way life is right now."

For the latest gas prices in our area, click here.

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