Clayton Park|The Daytona Beach News-Journal
DAYTONA BEACH — A day after topping the $4 mark for the first time in 14 years, gasoline prices jumped again overnight to set new all-time records both for Florida as well as locally on Tuesday.
Prices likely willskyrocket even moreafter President Joe Biden announced a U.S. ban on Russian oil imports.
"Russian oil will no longer be accepted at U.S. ports," the president said in remarks Tuesday at the White House. "We will not be part of subsidizing Putin's war."
'Baby, it's going to get higher'
On Tuesday, prior to Biden's announcement, the average price of gasoline stood at $4.15 a gallon statewide, an increase of 15 cents from Monday, while the average price for the Daytona Beach area, which consists of all of Volusia and Flagler counties, rose 14 cents to start the day at $4.14 a gallon.
The previous record highs set in July 2008 were $4.07 for the state and $4.11 for the Daytona Beach area, according to AAA Auto Club, which tracksaverage prices for metro areasby surveying the final credit card purchase each day at gas stations across the country.
Gas tracker: Where to find the cheapest gas prices in Daytona Beach
The Shell/Circle Kgas station on the corner of LPGA and Clyde Morris boulevards in Daytona Beach was charging $4.19 a gallon for regular gasoline shortly after noon on Tuesday.
"As soon as we drove up, my wife said '$4.19!,'" said Daytona Beach resident Loverso Walker as he refueled their car. "I said, 'Baby, it's going to get higher, but we've got to grin and bear it. A lot of people are suffering over there,'" he said referring to the people in Ukraine.
Walker is a Vietnam War veteran who currently serves as pastor at the Faith Temple Church of God in Christ in Daytona Beach. He said he supports Biden's decision to ban Russian oil importseven though it likely means gas prices will continue to rise.
"I'm sure it takes a bite out of everybody's paycheck, but no matter what we're suffering, they're suffering even greater," he said.
Joshua Abenchuchan of Daytona Beach also said he approvesthe decision toban imports of oil from Russia. "I support Ukraine," the sign language interpreter said. "Maybe we should use more of our national oil reserves."
At the supersized Buc-ee's gas station two blocks to the west, next to the Interstate 95/LPGA Boulevard interchange, the price of regular gasoline was selling for $3.99 a gallon on Tuesday, up 10 cents a gallon from Monday.
Ron Summers, a visitorfrom Dickson, Tennessee, stopped at Buc-ee's to refuel his three-wheel motorcycle. He said he was in town for Bike Week.
"We should have stopped the Russian imports as soon as Russia started threatening Ukraine," said Summers, who works as a commercial truck driver. "But we should reopen our pipelines here. We've got plenty of fuel in the United States."
Matthew Rudinski of Ormond Beach said he was unsure what to think about the decision to ban Russian oil imports. "I'm neutral," the volunteer for the Jesus Clinic said. "There's reasons for it and reasons against it."
As for gas prices, he said,"I think it's going to get worse before it gets better."
'It's going to cost a fortune'
Jackie Trent, a visitor from Satsuma, Florida, stopped with her friend Jeff Norton to refuel their car at Buc-ee's. She said she disagreed with Biden's decision to ban Russian oil imports.
"I think Biden is a total idiot," she said. "I think he's ruined our country. It's going to cost a fortune. I'm opposed to the ban. He ought to open our pipelines."
Trent echoed comments made by some other motorists who believed Biden was to blame for the higher gas prices.
In actuality, prices for crude oil, from which gasoline is derived, is determined by global supply and demand, not by individual nations, much less their political leaders, according to the U.S. Energy Information Administration.
"Crude oil and petroleum product prices are the result of thousands of transactions taking place simultaneously around the world at all levels of the supply chain, from the crude oil producer to the individual consumer," according to the EIA. "Oil markets are essentially a global auction. The highest bidder will win the available supply."
Russia currently only accountsfor about 3% of the crude oil imported to the United States. Those imports, however, have beenrelied onto produce gasoline, diesel and jet fuel in the Northeast and West Coastbecause of the geographic challenges of delivering refined gas products to those places, according to Ramanan Krishnamoorti, a University of Houston professor, who spoke to USA Today.
GLOBAL TENSIONS: Oil prices surge as Russian invasion drags on in Ukraine
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Some stations raised prices again Tuesday afternoon
The website GasBuddy.com reports gas prices at individual stations based on motorists' reports. EarlyTuesday morning, prices at individual stations in the Daytona Beach area ranged from a low of $3.49 a gallon at the Citgo at 303 N. Ridgewood Ave. to $4.29 a gallon at multiple stations.
By the early afternoon, that Citgo station had raised its price for regular gasoline to $3.89 a gallon, but still remained among the cheapest in Daytona Beach, according to GasBuddy.com. The highest prices for the area remained at $4.29 a gallon.
The ongoing Russian invasion of Ukraine is continuing to drive gasoline prices higher, both nationally as well as in other parts of the world. Biden's ban on Russian oil imports is the latest in a growing number of sanctions the United States has imposed on Russiain an effort to pressure it to withdraw its armed forces from Ukraine.
The price of West Texas Intermediate crude oil was trading at $124.71 a barrel, up $5.36 from Monday shortly before 4:30 p.m. on Tuesday, according to MarketWatch.com.
USA Today contributed to this report.
