2023-07-31 18:44:02
A report from the American Automobile Association (AAA) indicated that gasoline prices in Florida reached a three-month high, a peak not seen in the previous quarter.
According to AAA, the median price of gasoline in Florida currently stands at $3.67 per gallon. The state hasn’t seen such prices since mid-April, though it remains below the year’s peak of $3.72 per gallon.
Mark Jenkins, a representative of AAA, links the recent rise in gasoline costs to the rise in oil prices in the United States.
“Oil prices in the US have risen 15% in the last five weeks, which has caused an increase in the cost of manufacturing gasoline,” Jenkins explained.
The Oil Price Information Service, an authoritative source on oil market trends, suggests that prices are rising on strong economic data, raising expectations for fuel demand.
The AAA also noted that record summer temperatures have contributed to the rise in gasoline prices, by causing the closure of several refineries on the Gulf Coast. These shutdowns caused a drop in fuel production.
gasoline increase
Last week, between Tuesday the 25th and Wednesday the 26th of July, gasoline registered the most significant increase in a year, accompanying a rise in wheat and other agricultural products.
In just 48 hours, the price of gasoline rose 9 cents, a trend that drivers had not seen since June 2022.
According to AAA, the national average for a gallon of regular gasoline shot up on Wednesday to $3.69 in a three-month high.
This price reflects a 5-cent increase from Tuesday, marking the largest single-day gain since June. This followed a rise of 4 cents, which was the previous record for the largest single-day climb in a year.
If this escalation in food and fuel prices continues, it might mean a setback in the efforts made to control inflation, forcing the Federal Reserve to persist in raising interest rates.
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