Florida gasoline prices hit 8-year high, says AAA

HEATHROW, Florida: According to the American Automobile Association, gasoline prices in Florida climbed to their highest level in the last eight years, with the average price per gallon reaching $3.47, an increase of 12 cents over the last week.

This is the highest price since July 2014.

AAA officials are continuing to predict increasing prices linked to the growing costs of crude oil, from which gasoline is refined. On February 4, crude oil prices settled at $92 per barrel, the first time it was over the $90 mark since 2014.

"Unfortunately, it looks like the pain at the pump may continue to worsen, after oil prices saw another strong round of gains last week," said AAA spokesman Mark Jenkins, as reported by the USA Today.

"The upward momentum in crude prices has been driven by geopolitical concerns related to Russia, cold weather and underwhelming global crude output," he added.

According to Jenkins, the price of oil influences about half of what drivers pay at the pump.

This year, oil prices rose by 21 percent, a $16 increase equating to 40 cents more at the pump.