Gas prices soared in Florida, increasing by 18 cents per gallon in the days leading up to the July 4th holiday. Drivers paid an average of $3.53 per gallon on Independence Day, the highest price in nearly two months.
While this is 27 cents higher than last year, it’s significantly lower than the $4.54 per gallon average in 2022.
AAA spokesperson Mark Jenkins attributed the price hike to concerns about Tropical Storm Beryl, which threatened the Gulf Coast’s fuel refining capacity, a major source of Florida’s gasoline supply.
Read: Florida Gulf Fishing Report – July 8, 2024
Additionally, economic indicators suggesting a potential interest rate cut by the Federal Reserve to stimulate growth added to the upward pressure on fuel prices.
“Florida drivers are now paying the most expensive gas prices in nearly two months,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Fuel prices face continued upward pressure on concerns about Tropical Storm Beryl, and economic data suggesting that the U.S. Federal Reserve could lower interest rates to boost growth.”
Although initial reports suggest that Beryl may not cause significant disruptions to offshore oil and gas production, the storm’s full impact on fuel supply and prices won’t be clear until several days after it passes.
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