This week started with the average gallon of gas in Florida costing less than the start of last week but AAA noted that the massive terrorist attack on Israel could impact prices at the pump.
The average gallon of gas in Florida cost $3.48 at the start of the week, down from $3.49 at the start of the month. The national average stood at $3.71 a gallon on Sunday.
AAA noted gas prices in Florida fluctuated slightly last week.
“Florida gas prices are moving lower again after a brief increase last week. The state average surprisingly rose 4 cents by Wednesday. Thought those gains were quickly erased by the weekend. Now, Florida drivers are paying $3.48 per gallon, which is nearly 2 cents less than a week ago, and the lowest daily average price since July,” AAA noted.
“Florida gas prices tried to swim upstream early last week, but were quickly knocked back down by week’s end,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “Oil and gasoline suffered big losses in the futures market, which could enable pump prices to move lower. However, that could change depending on how the market responds to rising geopolitical tensions following the surprise attack by Hamas on Israel.”
AAA noted that events in the Middle East have already impacted gas prices.
“While the Hamas attack on Israel reportedly did not directly impact global supplies, oil prices have risen over the weekend, due to the uncertainty of how things will unfold,” AAA noted. “Following the attack, oil prices quickly rose in overnight trading, erasing a portion of what was a big drop in oil prices last week. Sunday night, the U.S. price of crude was trading at above $86 per barrel. Although that’s a 4 percent increase from Friday, it’s still below the $90 threshold, which is where oil prices spent most of the previous couple of weeks.
“It’s unclear exactly how much of an impact the attack on Israel will have on gas prices. Just like oil prices, gasoline futures plummeted last week. The drop amounted to more than 30 cents per gallon. However, unlike oil prices, gasoline futures logged nominal gains since the attack,” AAA added.
The West Palm Beach-Boca Raton had the most expensive gas in the state, with an average of $3.66 a gallon, followed by Naples at $3.57 a gallon and Port St. Lucie at $3.53 a gallon.
Pensacola had the least expensive gas in the state with an average of $3.25 a gallon, followed by the Crestview-Fort Walton Beach area at $3.27 a gallon and Panama City at $3.36 a gallon.
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