Florida gas prices declined 8 cents per gallon last week to an average of $3.22 per gallon, but increases are expected soon, according to AAA.
The state average was 36 cents less than the highest price of this year.
“Florida gas prices are at their lowest level since late January,” said Mark Jenkins, AAA spokesman. “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.”
The U.S. price of oil jumped 4% last week, rising more than $3 a barrel to settle at $79.68. That’s the highest daily closing price in more than two weeks. Meanwhile, gasoline futures jumped 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, Jenkins said.
“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.”