AAA: End Coming to Decline in Pump Prices
Gas prices may soon tick under the $3 mark in parts of Florida, but AAA cautions motorists not to get too comfortable with the prices.
Decisions to shore up the European Union’s two-year financial crisis could put the brakes on the recent downward trend of pump prices.
"For many, a feeling of relief comes when $2 replaces $3 on the marquee for a gallon of gas," Jessica Brady, AAA spokeswoman, stated in a release.
"For the first time this year, motorists will pay less than $3 a gallon for retail gasoline and the timing couldn't be better as the Independence Day holiday approaches. While drivers will enjoy the reduced prices this week, they may start to see prices stall and even a slight uptick at the pump, depending on how the situation with Iran unfolds and how long Europe's financial plan maintains the market's optimism."
Besides the European pact, speculation on oil prices also grew this past week on the implementation of Europe's sanctions against Iran that ban everything from the purchase to insurance of Iranian oil.
Oil prices settled Friday at $84.96 a barrel on the New York Mercantile Exchange, up $5.20 from the prior week.
In Florida, the week began with a gallon of gas averaging $3.19, 15 cents below the national mark.
Florida’s price is down 7 cents from a week earlier, 26 cents from a month ago.
For the Independence Day holiday in 2011, gas was selling for $3.50 in Florida.