Florida gas prices declined 8 cents per gallon last week. On Sunday, the state average was $3.22 per gallon.
The state average has declined 12 cents within the past 10 days. It’s also 36 cents less than the highest price of this year.
“Florida gas prices are at their lowest level since late January,” said Mark Jenkins, Public Relations Manager for AAA – The Auto Club Group. “The recent dip was driven by falling oil prices. Unfortunately, that downward trend ended last week, and oil prices are back up, which means gas prices are likely to get more expensive soon.”
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The U.S. oil price jumped 4% last week, rising more than $3 a barrel to settle at $79.68/b. That’s the highest daily closing price in more than two weeks. Meanwhile, gasoline futures rose an eye-popping 40 cents per gallon.
Those gains have not hit the wholesale market, which is up 14 cents from last week, but it’s clear that higher prices are on the way.
“It’s very common to see gas prices rise this time of year,” Jenkins continued. “Gasoline demand in Florida often reaches its highest point of the year, during March. That’s because warming temperatures entice Floridians, winter residents and spring breakers to all travel Florida roads. In addition, this is the time of year when oil refineries conduct seasonal maintenance and begin producing summer gasoline, which is more expensive to produce than the winter fuel.”
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