Gas prices hold steady in Florida with $3.10 per gallon average
Gasoline prices in Florida held steady over the past week, with motorists paying under $3 a gallon in some parts of the state.
The AAA auto club said the average price of a gallon of regular unleaded gas Monday in Florida was $3.10, about a penny higher than a week earlier.
The national average was $3.21 on Monday, the same as a week earlier. Florida's average was 23 cents a gallon lower than a month ago and 52 cents lower than a year ago.
The lowest average prices were in Northwest Florida, including $2.83 a gallon in the Crestview-Fort Walton Beach area and $2.86 in the Panama City and Pensacola areas.
The highest average was $3.27 in the West Palm Beach-Boca Raton area, according to AAA.
Broward County was $3.13 and Miami-Dade $3.09.
Diesel prices are significantly higher at $3.43 in the state, compared with $4.57 one year ago.
The U.S. price of crude oil rose more than $3 last week, finishing at $71.92 per barrel on Friday.
"Crude oil and gasoline futures rose last week, cooling off the downward trend of prices at the pump," AAA spokesman Mark Jenkins said. "The price gains are being attributed to optimism that the Federal Reserve's interest rate cut would boost the global economy and energy demand."
The Federal Reserve reduced interest rates by a half percentage point last week.
Gas demand increased slightly last week from 8.47 million barrels per day to 8.77 million, according to new data from the Energy Information Administration.
"Gasoline prices have been plunging lately, and it is not uncommon to see them take a bit of a breather during hurricane season," Andrew Gross, national AAA spokesman, said. "Gasoline demand and oil costs are low, so pump prices may soon resume a slow descent. There are 14 states with averages below $3 a gallon, and several more may soon follow."