It's what they taught you in economics class -- supply and demand
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Gas prices have slightly retreated in the past 9 days, but market indicators could cause gas prices to move higher, AAA says. GRAPHIC/AAA
AAA reports Florida gas prices are on a nine-day streak of declines, falling a total of 15 cents. On Sunday, the state average was $3.47 per gallon, down 12 cents from a week ago, late Sunday.
"Pump prices are once again below year-ago levels, but upward pressure has moved back into the market," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The U.S. price of oil surged to new 2024 highs last week, which could cause gas prices to move higher."
On Friday, domestic oil prices settled at $86.91 per barrel. That's up 4% from the week before, and $3/b more than the previous 2024 high, recorded two weeks earlier.
"OPIS petroleum analysts attribute the oil price gains to demand concerns amid Israel's ongoing war with Hamas, and Ukrainian drone strikes on Russian oil refineries," Jenkins continued. "Interestingly enough, similar gains were not seen in the gasoline futures market."
