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Gas Prices on the Way Up
The average price of a gallon of gasoline in Florida reached the highest point last week since the end of January, before showing some easing.
But prices are expected to increase again because of rising global oil costs.
“Crude prices rose last week on the belief that easing U.S. inflation could lessen the pressure on the Federal Reserve to raise interest rates, which could ultimately be bullish for gasoline demand,” the AAA auto club said in a news release Monday.
“Also propping up prices is a report from the International Energy Agency which forecasts global fuel supplies may not be able to keep pace with global fuel demand, due to OPEC's decision to cut oil production by more than 1 million barrels per day starting next month.”
An average gallon of regular unleaded in Florida cost $3.56 on Monday, down 2 cents since reaching $3.58 last Tuesday.
Prices had gone up six straight days before hitting $3.58. With crude oil reaching a 2023 high, market conditions are expected to translate into a 5-cent increase at the pump, according to AAA.
The average price Monday was about 44 cents a gallon less than a year ago, but up 10 cents from a month ago.
Florida’s highest average prices are in the West Palm Beach, Fort Lauderdale and Miami areas, while the lowest averages are in the Panhandle.
The national average price was $3.67 on Monday, the highest since just before Thanksgiving.
