Florida motorists are seeing stable prices at the pump this week, with the state average for gasoline holding at $3.09 per gallon on Sunday. This marks the same average price as last week, despite some minor fluctuations throughout the past seven days.
According to AAA – The Auto Club Group, Florida gas prices saw a 10-cent increase early last week before declining by 3 cents through the weekend, ultimately settling back at the previous week’s average.
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“Florida gas prices remain in the same 30-cent range that Florida gas prices have fluctuated within since September,” stated Mark Jenkins, spokesman for AAA – The Auto Club Group. This indicates a period of relative consistency for consumers, avoiding significant spikes or drops in recent months.
The underlying crude oil market, however, experienced more volatility last week, with prices climbing approximately 6%. This upward movement was attributed to a confluence of factors, including global political uncertainty, robust U.S. economic signals, and various supply shortages. Tensions in both Russia and the Middle East contributed to market caution, while positive job data and ongoing trade discussions bolstered expectations for stronger demand.
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While OPEC+ made adjustments to its production, their impact on the market was somewhat limited. Instead, supply constraints from other regions, notably disruptions caused by wildfire activity in Canada, added further upward pressure on oil prices.
By Friday, the U.S. price for oil closed at $63.41 per barrel, an increase from $60.79 per barrel the week prior. Despite this rise in crude oil costs, the impact on Florida’s retail gasoline prices appears to have been mitigated, at least for now.
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