Florida Gas Prices Dip Slightly After Increase Last Week

Florida gas prices are moving lower again after a brief increase last week. The state average surprisingly rose 4 cents by Wednesday, though the weekend quickly erased those gains.

Florida drivers are currently paying $3.48 per gallon, which is almost 2 cents less than the price a week ago. This is the lowest daily average price since July.

“Florida gas prices tried to swim upstream early last week, but were quickly knocked back down by week’s end,” said Mark Jenkins, spokesman, AAA – 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.”

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.

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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% 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. 

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