Florida gas prices slipped a couple cents last week, but could get more expensive soon, as global supply concerns caused oil prices to rise again last week, per a Monday morning report from AAA - The Auto Club.
The U.S. price of crude only rose 2%, but it was enough to reach a new 2023 high of $83.26 per barrel. Ultimately, it amounts to what could be a 5 cent increase at the pump.
Gas prices in the state averaged $3.56 per gallon on Sunday. The state average is 2 cents less than the 2023 high of $3.58 per gallon and 44 cents less than this time last year, when drivers paid $4.00 a gallon for regular unleaded.
The average in Osceola County is just a little lower entering the new week at $3.51. That's just 3 cents cheaper than a year ago. The average this time last year was $3.93, when prices were on the skyward way up to a brief all-time record high of $4.89 per gallon.
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. 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.
Gas Price Survey Methodology: AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
