Florida gas prices have reversed their downward trend, increasing by 10 cents per gallon compared to the previous week, reaching a state average of $3.35 on Sunday.
This rise interrupted a 26-day streak of falling prices that had brought relief to drivers across the state.
The recent price hike, which ended on Tuesday with a state average of $3.23 per gallon, was attributed to the rise in oil and gasoline futures prices over the past two weeks.
According to AAA spokesperson Mark Jenkins, this increase was fueled by concerns that fuel demand is outpacing fuel inventories, a common occurrence during the peak summer travel season.
The U.S. price for crude oil also contributed to the rebound, climbing back above $80 per barrel after trading in the mid to low $70 range in recent weeks. This marks a 7% increase compared to two weeks ago.
Despite the recent increase, gas prices in Florida remain lower than they were a month ago, thanks to the preceding weeks of decline. However, the volatility in the oil market suggests that further fluctuations are likely in the coming weeks.
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