As Florida drivers head out for their annual Fourth of July road trips, they’ll likely encounter higher gas prices.
The average price of gas in Florida during the holiday period could reach $2.60 per gallon, according to the AAA Daily Fuel Gauge Report.
Gas prices jumped 11 cents last week due to the impending closure of an oil refinery in Philadelphia and ongoing tensions in the Middle East, which led to a $5 per barrel increase in crude oil.
Prices this week should be higher than that due to a strong demand and a larger-than-expected dip in oil and gasoline inventories, the survey states, citing a new report from the EIA.
Currently, the average price of gas in Florida is $2.53 per gallon, 10 cents more than a week ago. This is however, 6 cents less than June and 20 cents less than last year.
“The recent jump at the pump should not deter Floridians from hitting the road for Independence Day,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “AAA still expects the most traveled Independence Day on record, and low gas prices is one of the reasons why. Gas prices remain 20 cents per gallon less than what drivers spent last year on July 4th, and 26 cents per gallon less than the highest price this year. Crude prices have recently leveled out, so It’s unlikely pump prices will see a significant hike, unless something unexpected occurs and oil prices suddenly spike.”