Gas prices in Florida are lower than last month and last year, but where are they headed next?

Florida drivers have been experiencing falling prices at the pump with more than a 40-cent drop per gallon over the past month. On Monday, AAA reported that the state average was at $3.22 per gallon of regular unleaded, that’s 13 cents less than a year ago. However, prices jumped up about 7 cents overnight with the current state average at $3.29 and Osceola drivers paying $3.27 per gallon. The trend has been prices declining, so hopefully last night wasn’t a ‘thing,’ and rising oil prices and the international conflicts don’t start to cause rising prices at the pump.

“Gas prices are still falling on the momentum created by the seasonal downturn in fuel demand, coupled with stronger gasoline supplies and the switch to cheaper winter blend gasoline,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “However, this downward momentum may not continue, now that oil and gasoline futures prices logged a second consecutive week of gains.”

The U.S. price of oil logged a small 1% gain last week, amid ongoing concerns about the conflict between Israel and Hamas. In total, U.S. oil has risen $6 per barrel (7%) over the past two weeks. Gasoline futures also rose 11 cents per gallon last week, for a total increase of nearly 20 cents in two weeks.