ORLANDO, Fla. — The cost of a gallon of gas in Florida dropped 6 cents in a week’s time, according to AAA.
The auto giant said that the price for regular unleaded fell to $3.26 on Monday.
But by Tuesday, a 4-cent hike pushed the average to $3.30 per gallon in the Sunshine State.
While 2023 is barely underway, that minor spike was indicative of a trend that arrived with the new year.
Prices at the pump have “ping ponged” during the first two weeks of 2023, and the slight turbulence is thanks to oil prices, according to AAA.
The new year welcomed a 15% drop in U.S. oil prices, subsequently nudging down gas prices.
But last week, oil rebounded by 8%.
“Crude prices strengthened last week on various news reports, causing investors to grow optimistic about global fuel demand,” AAA’s Mark Jenkins said.
He pointed to China easing its COVID-19 restrictions as one catalyst.
“There’s also hope that the Federal Reserve could slow interest rate hikes, following reports that inflation eased in December,” Jenkins added.
How does it all impact the millions of Floridians who plan to fill up their gas tanks in the coming days?
“Pump prices may not go much lower this week, thanks to a rebound in oil prices,” AAA’s Mark Jenkins said.
If that holds true, expect to pay just shy of $50 to fill up a 15-gallon gas tank.
On Tuesday, the average price for a gallon of gas in Orange County was about 4 cents cheaper than the state average.
So if you gas up around metro Orlando, your wallet should stay a tad fuller.
To check gas prices in your neighborhood, click here.
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