AAA: Decline in Gas Prices Done for the Summer
Gas prices jumped 7 cents on average across Florida as pump prices had their first increase since April upon bullish trading, according to AAA.
And the trend now should be for the prices to continue to grow.
"Although oil prices retreated at the end of last week, it's likely motorists have seen the last of the summer price reductions at the pump," Jessica Brady, AAA spokeswoman, stated in a release.
"State averages for gasoline increased across the southeast this week and retail prices will start to stabilize as more balanced pressure is weighed on the market. While some local retailers have already started to post higher gas prices, drivers can still find relatively cheap gas by filling up in areas where there's ample competition, paying with cash, or by using AAA's TripTik Mobile app that allows motorists to search for the cheapest gas stations prior to filling up."
The auto club credited two factors for the increase: European sanctions being imposed on Iran, and European leaders agreeing to a plan to save the euro and its ongoing debt crisis.
Across Florida, a gallon of gas rose from $3.19 to $3.26 in the past week. A month ago, gas sold for an average of $3.39 in Florida.
The national average is now $3.39, up from $3.33 a week earlier, down from $3.55 a month ago.
Speculation on fuel prices increased 51 cents on the New York Mercantile Exchange last week after European leaders announced plans to save the euro and a return in Mideast tensions as sanctions went into effect for Iran on July 1. The concern now is that Iran will block the Strait of Hormuz and disrupt the global oil supply, AAA noted.