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When will gas prices stop climbing in Florida?

Economy and finance expert Mickey Cargile says crude oil currently trades at almost $83 a barrel – up 98% over the last year, which is forcing gas prices to spike.

FLORIDA, USA — Gas prices have surged to their highest level in nearly seven years.

The $3.24 average price per gallon in Florida is double what it was in the state a year ago.

It's causing pain at the pump for locals like construction worker Felix Aboites.

“It just depends on how far I drive, but I do have to fill up almost every two days. It’s like $120," Aboites told the On Your Side team.

During the beginning of the COVID-19 pandemic, economy and finance expert Mickey Cargile says, oil wells were shut-in and investment in production stopped. Over the last 18 months, excess inventories have also been tapped.

“Now, there's a shortage of oil as the worldwide economy has ramped back up from the COVID shutdown. The main reason for that is the recovery has really been a snapback," Cargile explained.

He says crude oil currently trades at almost $83 a barrel – up 98% over the last year, which is forcing gas prices to spike.

“I would expect the price to continue to go up a little bit from here, but you've seen the majority of the increase. I don't think in the coming year that the increase will be as great," Cargile said. "Gasoline prices are up 58% in the last year, you know, that's really been a shock to our checkbooks."

He predicts the supply and demand for oil will equalize come spring.

In the meantime, Cargile advises consumers to budget for $3.00-$3.50 per gallon to get through the next few months.