JACKSONVILLE, Fla. – Drivers across Florida are seeing a sharp jump in gas prices, with some stations in Jacksonville approaching $4 a gallon after prices climbed more than 70 cents in just the past week.
At a gas station along Beach Boulevard, regular gas was selling for $3.79 a gallon, a price many drivers say is already straining their budgets.
Sammy, who runs Calihua Lawn Company, said the increase is forcing him to adjust how he runs his business.
“We have to raise the price now because we spend too much money on gas,” Sammy said while filling up his work truck.
He said the price spike is costing his business hundreds of dollars more each week.
“Probably like $300,” he said when asked how much more he’s spending compared with last week.
Some drivers are searching for cheaper options. About a mile away, gas at a Sam’s Club station was selling for $3.14 a gallon, though customers must have a membership to buy fuel there.
Several drivers said the lower price is why they choose to fill up at warehouse clubs whenever possible.
“I mean, it’s up 50 cents at least, even here,” one driver said.
Another estimated the higher prices will cost about $25 more to fill up their vehicle.
Economists say global events are playing a major role in the sudden price jump.
Robert Omberg, an economics professor at Florida State College at Jacksonville, said the increase is a classic example of what economists call a “supply shock.”
“The war in Iran causes the amount of gasoline produced to fall,” Omberg said. “That means buyers have to compete with each other for a more limited quantity of oil, which bids the price up, unfortunately.”
Omberg said it’s difficult to predict whether gas will soon reach $4 a gallon, but he warned the trend could continue.
“It’s hard to tell,” he said. “A lot of it depends on the way foreign policy continues to play out. But you can see that oil futures have gone up too, which might indicate that this is one of many price increases to come.”
For now, drivers across Northeast Florida say they’re bracing for more pain at the pump.
Ways to get the most out of your tank
- Avoiding rapid starts and hard braking
- Maintaining steady speeds and using cruise control when appropriate
- Remove unnecessary cargo and roof racks
- Checking tire pressure monthly
- Combining errands to limit cold starts and keeping up with routine maintenance such as oil changes and air filter replacement.
Click here to see average Florida fuel prices by county and city.