Gas prices across Florida, already at their lowest point in a month, are poised to rise sharply as the conflict between Israel and Iran intensifies.
Industry experts warn that missile strikes near major oil infrastructure in both countries could drive up fuel costs at a moment’s notice.
South Florida drivers brace for sudden increases
Gaige Fogle, who recently moved to South Florida, fills up every few days at an Orion gas station on North Miami Avenue in Little Haiti, where prices were holding steady at $2.79 a gallon.
“I don’t really get good gas mileage in a 2000 Mustang,” Fogle said.
Fogle is surprised by the low prices in the area but noted their unpredictability. “The one thing I find on average down here is that they vary so much more depending on the area that you’re in,” he said.
That variation could become more pronounced and more expensive very soon.
“Gas prices could go up here at a moment’s notice either today or tomorrow,” said Patrick De Haan of GasBuddy. He said prices may rise quickly due to the ongoing conflict between Israel and Iran, one of the world’s biggest oil producers.
De Haan noted that stations charging less than $3 a gallon may be hit the hardest.
“It’s gonna be the lowest priced stations that are already kind of in the danger zone below cost,” he said.
AAA: Florida prices hit monthly low before expected surge
According to AAA, Florida’s average gas price was $2.95 per gallon on Sunday, the lowest since May 12. In Miami-Dade, the average was $2.94, and in Broward County, it was $2.97. That could soon change.
“Escalating tensions between Israel and Iran drove oil prices higher last week,” AAA spokesman Mark Jenkins said. “As a result, U.S. gas prices are expected to rise this week. The extent of the increase is uncertain, but drivers could begin seeing gas prices move higher on Monday.”
The U.S. price for crude oil rose 13% last week, closing Friday at $72.98 per barrel, the highest since February 11. GasBuddy analysts predict prices could jump more than 30 cents a gallon by the July Fourth holiday.
Marie Flore Lindor-Latourtue in Cutler Bay says she’s already seen prices climb at her local stations.
“Earlier it was 2.89 and now we have Chevron here at 2.99,” she said.
At another Orion station in Cutler Bay, gas is already at $2.99 a gallon, compared to $2.79 at the Little Haiti location. Fogle says he may start shopping around more if prices rise, but knows it won’t just depend on the area.
Oil infrastructure targeted as conflict escalates
Missile attacks on Sunday hit oil storage and refinery facilities in both Israel’s Haifa, home to its largest refinery and in southern Iran, according to analysts.
“They went after oil storage and oil refineries in those depots, as well as of course the targeting of gas facilities in Iran’s south,” said Behnam Ben Taleblu, a senior director at the Foundation for Defense of Democracies.
Experts say the impact on U.S. gas prices could remain moderate if the conflict remains contained. However, any disruption to the Strait of Hormuz, a key shipping route for OPEC nations, could trigger a much steeper surge.
Goldman Sachs forecasts that if the Strait is significantly affected, oil prices could surpass $100 per barrel.
