AAA says Middle East Conflict pushes Gas Prices Higher
Tampa, FL – Tensions between Saudi Arabia and Libya caused oil prices to briefly spike last week, and Florida gas prices responded in kind. The average price for a gallon of gasoline rose 10 cents in Florida, but is about the same in Georgia and Tennessee.
“The increase in oil came at a time when gasoline supplies in Florida are already tight,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “March is the peak month for gasoline demand in Florida, because the weather warms up, people drive more, and there are more visitors for spring break and Major League Baseball Spring Training. Plus, it is still maintenance season, and refinery gasoline output is reduced.”Oil traders got nervous when fighting broke out between the two oil producing countries and that caused a temporary spike in oil prices.
On Monday, the price of WTI settled at $47.45, then jumped to $51.43 on Thursday before settling back down at $48.87. Friday’s settlement is $3.18 higher than the settlement on Friday, March 20th.
“This conflict shouldn’t continue affecting oil and gas prices unless there is an actual disruption in oil supply,” said Jenkins. “The worst looks like it may be over for now as oil prices are now receding. However, gas prices usually rise faster than they decline, so it could take a week before pump prices begin falling again. The good news is that gas is still more than a dollar cheaper than last year’s peak prices, and not expected to reach $3.00 a gallon this year.”
Current and Past Price Averages
Regular Unleaded Gasoline
| Sunday | Saturday | Week Ago | Month Ago | Year Ago | |
| National | $2.422 | $2.426 | $2.424 | $2.396 | $3.541 |
| Florida | $2.530 | $2.527 | $2.430 | $2.440 | $3.628 |
| Georgia | $2.224 | $2.226 | $2.224 | $2.280 | $3.400 |
| Tennessee | $2.144 | $2.147 | $2.152 | $2.180 | $3.337 |
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