CLEARWATER, Fla. — While gas prices in Florida are at the highest point in eight years, they could spike yet again, but only if Russia invades Ukraine, says a local research fellow.


What You Need To Know

  • As of Friday, gas prices in Florida are at an average of $3.47 a gallon

  • That's up 24 cents over the last two weeks

  • Price spike could happen if Russia invades Ukraine, researcher says

Tatsiana Kulakevich, research fellow at the USF Institute on Russia, says if Russia invades Ukraine, we could see a spike in gas prices.

"If Russia invades Ukraine in the worst case scenario, gas prices will go up for a short period because Russia is a major supplier of gas," Kulakevich said. "But it will not last very long because the U.S. has its own energy and gas supplies to replenish the losses."

Kulakevich says if there is an invasion, gas won't be able to flow from Russia through Ukraine, which could create a major disruption and cause a price spike.

"If there is a disruption in the economy in Europe and in Eastern Europe in this case, it will touch everybody," she said.

As of Friday, gas prices in Florida are at an average of $3.47 a gallon, which is up 24 cents in two weeks.

Oil prices saw strong gains last week because of the geopolitical concerns and fear that global sanctions could impact oil provided by Russia.

Last week, the U.S. price for crude oil hit above $90 for the first time since 2014.