AAA: Gas prices expected to jump again despite recent slight dip

Price of U.S. oil rose 5% last week, AAA reports

Florida’s gas prices dropped another penny last week, but the downward trend may soon be over due to rising oil prices, the American Automobile Association reported Monday.

According to AAA, the average price of gas in the state was $3.20 per gallon Sunday, with 7% of the state’s gas stations having prices below $3 per gallon.

“January gas prices are often driven down by lower fuel demand. Unfortunately, that downward trend at the pump may soon come to an end,” said AAA spokesman Mark Jenkins. “Oil prices shot up last week and that could restore upward pressure in prices at the pump.”

The price of WTI (U.S.) oil rose 5% last week, reaching a 7-week high of $79.46 per barrel on Thursday, AAA reported.

“The increase was mostly due to concerns about how the unrest in Kazakhstan and logistical problems in Libya would hamper global fuel supplies,” a news release from AAA stated. “Friday’s settlement of $78.90 per barrel was $3.69/b more than the week before. The price of oil has increased a total of 11% in the last three weeks.”

Last year, the state had a high of $3.36 per gallon and a low of $2.19 per gallon.

The most expensive metro markets for gasoline continue to be West Palm Beach/Boca Raton ($3.41), Naples ($3.31) and Fort Lauderdale ($3.25).

The least expensive metro markets are currently Crestview-Fort Walton Beach ($3.08), Melbourne-Titusville ($3.11) and Sebring ($3.12).

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Amanda Batchelor is the Digital Executive Producer for