Gas Pumps Source: TFP File Photo Florida drivers enjoyed a welcome break last week as gas prices fell by 13 cents per gallon, reaching a state ave
Florida drivers enjoyed a welcome break last week as gas prices fell by 13 cents per gallon, reaching a state average of $3.33 on Sunday. This marks the lowest daily average price since June 19th, providing some relief amidst concerns about a global recession.
“Drivers got some relief at the pump last week, thanks to big drops in the price of crude and gasoline futures,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Fuel prices had fallen under downward pressure amid concerns of a global recession. However, futures prices regained some ground last week, on renewed economic optimism, which could lead to a slight bump at the pump.”
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While oil prices had been steadily declining for four weeks, experiencing a 13% drop, they rose 5% last week. The closing price of $76.84 per barrel on Friday remains lower than last month’s mid-$80 range.
Experts at OPIS, a partner of AAA, explained that the recent oil price increase was driven by factors such as a weaker dollar, expectations of a September interest rate cut, and ongoing concerns about the Middle East conflict.
Additionally, a decline in weekly U.S. jobless claims boosted trader confidence, outweighing previous worries about a global recession.
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