Gas prices saw a dip around the 4th of July but rebounded sharply last week before easing slightly and then climbing again.
As of Sunday, AAA reported an average gas price of $3.51 per gallon in Florida, slightly lower than the $3.55 average in Osceola County. Despite a small decrease towards the end of the week, prices remain significantly higher than last month’s average of $3.22 and last year’s $3.43.
Mark Jenkins, spokesperson for AAA – The Auto Club Group, noted that crude oil and gasoline futures have remained stable, with speculation that lower inflation might prompt the Federal Reserve to reduce interest rates, potentially boosting fuel demand.
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The price of crude oil has held steady around $82.20 per barrel for the past few weeks, a crucial factor influencing pump prices.
Looking ahead, the summer driving season is in full swing, and the supply outlook depends heavily on Gulf refineries avoiding disruptions from potential storms during hurricane season, adding uncertainty to future price trends.