Gas Prices Rise, Dip Again

Gas prices increased for the first time in more than a month, according to AAA analysts.

Florida gas prices averaged $2.14 on Sunday. The state average is 1-cent less than last week, 7 cents less than a year ago, and 12 cents less than the national average. Florida's state average increased on Friday for the first time after following a downward streak of 33 consecutive days for a total of 23 cents. However, the state average then declined on both Saturday and Sunday.Analysts say the price of gas rose on news of an oil rally, then started dipping again as the rally ran out of steam.

The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton, Miami, and Fort Lauderdale.The least expensive gas price averages in Florida are in Tampa-St. Petersburg-Clearwater, Orlando, and Bradenton-Sarasota-Venice. Even with Friday's uptick in prices, analysts say gas prices for the first 40 days of summer June 1 - July 10 have averaged the lowest in more than a decade. Long term forecasts remain favorable for motorists, according to AAA. 

Many analysts are moving to the position that demand levels will not surpass last year's record highs. Wells Fargo expects oil prices to remain below $50 per barrel for the next 12 months, according to a statement made on Wednesday. That would put a ceiling on gas prices of about $2.50, if the forecast holds.


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