Gas prices have risen to more than $3.70 in central Florida in March, causing UCF students with already-tight budgets to adjust to even more limiting ones.
Sophie Natasha Jackson
For UCF students commuting to campus, changes in fuel prices are quickly affecting budgets and leaving many in economic uncertainty.
Before the joint U.S.-Israeli bombings of Iran in late February, the average cost for a gallon of gas was just under $3. Uncertainty in global oil markets has led to prices rising by nearly 40%, leaving student drivers to pay higher costs.
Sean Snaith, director of UCF’s Institute for Economic Forecasting and a nationally recognized economist in economic forecasting, shared his thoughts on how future pricing could look.
“It’s hard to say how high these prices could go,” Snaith said. “I mean, I think I’d be safe to say we’ll probably go through $4 a gallon.”
The average cost of U.S. gas prices was $3.95 as of March 23. UCF students are seeing prices upwards of $3.93 a gallon, with the Florida average being $3.934, according to AAA Fuel.
Gas prices are rising mainly because of increases in crude oil prices, the primary ingredient used to make gasoline. Oil is traded on a global market, leading to geopolitical conflicts that quickly affect supply expectations, eventually raising prices at the pump.
Snaith said it is difficult to predict exact numbers for a conflict that occurred so unexpectedly, but that rising oil prices can affect more in the consumer market.
“We’re not just talking about gasoline,” Snaith said. “We’re talking about products that are derived from oil or from natural gas.”
Some examples he gave were food prices, as jet fuel costs lead to increased airfare and higher shipping costs from delivery companies.
“We’ve seen it before. You order a new couch or a new mattress, or something like that, and the cost of doing that will often go up,” Snaith said. “It’s an extra amount that you’re going to pay as long as these fuel prices remain elevated.”
According to the 2025-26 UCF Common Data Set, 87.7% of undergraduate students live off-campus. Rising prices mean many of these students are getting additional strains on already tight budgets.
London Metcalf, sophomore French major, said rising prices can affect students’ personal lives and their ability to travel home.
“I drive two hours to St. Augustine, where I’m from, most weekends,” Metcalf said. “The rising gas prices are making it more expensive and difficult to see my family and friends there.”
Metcalf said it’s necessary to take the two-hour trip home, leading to frequent and costly trips to gas stations.
The U.S. Energy Information Administration initially predicted gas prices in the United States would average at $2.90 in 2026, before the conflict’s escalation. Economists are now debating whether the cost will rise over the highs seen in 2022.
“Four years ago, gasoline prices did go above $5 a gallon nationwide,” Snaith said. “So, we’re not in new territory right now.”
In 2022, the U.S. national average was recorded at $5.034, according to GasBuddy. If current oil prices remain, those numbers could be challenged again in 2026.
Andres Fonseca, senior finance major, said the increased costs are something a lot of students find unavoidable.
Students can end up paying more than $55 for a tank of gas as of March, due to rising oil prices caused by the conflict in Iran.
Sophie Natasha Jackson
“In the grand scheme of things, we’re going to have to pay it anyway,” Fonseca said. “But it definitely hurts my already tight budget having to spend $10 extra per week with my long commute.”
Snaith said some ways to adapt to costs are carpooling, changing shopping behaviors, making fewer social trips and taking the number of car rides into consideration. He encouraged students to think about these alternatives until an economic future can be predicted.
“It’s a lot of uncertainty,” Snaith said. “Even us so-called experts do not know exactly how this is going to play out.”