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AAA: Rising Oil Prices Could Lead to Higher Gas Prices Across Florida

AAA released a report on Sunday showing gas prices in Florida dropped slightly last week but warned they could see increase due to higher oil prices.

The average gallon of gas in Florida cost $3.20 on Sunday, down a penny from the start of last week and below the national average of $3.30 a gallon.

“January gas prices are often driven down by lower fuel demand. Unfortunately, that downward trend at the pump may soon come to an end,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “Oil prices shot up last week and that could restore upward pressure in prices at the pump.”

“The price of WTI (U.S.) oil rose 5 percent last week, reaching a 7-week high of $79.46 on Thursday. The increase was mostly due to concerns about how the unrest in Kazakhstan and logistical problems in Libya would hamper global fuel supplies. Friday’s settlement of $78.90 per barrel was $3.69/b more than the week before. The price of oil has increased a total of 11 percent in the last three weeks,” AAA noted.

See also  Report: Florida Gas Prices Fall to Lowest Average in Four Months

The West Palm Beach-Boca Raton area had the most expensive gas in the state with an average of $3.41 a gallon followed by Naples at $3.31 a gallon and Fort Lauderdale at $3.25 a gallon.

The Crestview-Fort Walton Beach area had the least expensive gas in the state with an average of $3.08 a gallon followed by the Melbourne-Titusville area at $3.11 a gallon and Sebring at $3.12 a gallon.

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