Florida gas prices see recent spike but should start falling again; here’s why

ORLANDO, Fla. — If you own a car and live in Florida, you’ve probably noticed the recent uptick in gas prices.

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According to AAA, the cost of a gallon of gas jumped 15 cents last week alone, averaging $3.46 on Sunday.

That’s a noticeable increase from late December, when a gallon of regular unleaded dipped below $3 in the Sunshine State.

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It was, however, 12 cents less than 2023′s high to date of $3.58 per gallon, AAA noted.

But drivers should get a break in the near future.

The auto giant said Floridians can expect to see a price break at service stations in the coming days.

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“There were significant losses in the oil market last week which should enable gas prices to move lower again,” AAA’s Mark Jenkins said.

“The failure of two U.S. banks raised concerns of a global recession that could eventually hamper fuel demand.”

Last week, U.S. oil prices dropped 13%, with the price per barrel being its lowest since Dec. 2021.

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AAA also reported that gasoline futures dropped 24 cents over the past two weeks, usually a good indication that prices at the pump should begin to fall as well.

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