After hitting a record high of $3.46 per gallon on Friday for the year 2024, gas prices in Florida are slowly declining.
Last week, the state average increased by 15 cents per gallon. But by Sunday, the price per gallon had dropped back to $3.43.
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"Strong gasoline demand and the switch to summer fuel contributed to last week's jump at the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Severe weather and power outages at major refinery plants across the US were also reportedly to blame. However, gasoline and oil futures moved lower late last week, reportedly due to uncertainty about whether the Federal Reserve would cut interest rates later this year. This could temporarily cause the gas price hike to stall."
Crude oil futures declined nearly $2 per barrel last week (-2%). Gasoline futures dropped 9 cents.
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