Florida gasoline jumps 7 cents in a week - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Florida gasoline jumps 7 cents in a week

TAMPA, Fl. (AAA) -

The national average price of regular unleaded gasoline is $3.68, a 13-cent increase from last week. Florida's average of $3.74 increased 7 cents.

Tensions with Iran continue to escalate and heighten the fear of another war in the Middle East. 

"Concern and fear are driving the market at this time and pushing oil prices to nearly $110 a barrel resulting in record-breaking pump prices for this time of year," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "This is happening at a time when reports show a slow, but steady global economic recovery. However, the increased cost of gas could have a negative impact on the economic turnaround as it eats in to more consumers' disposable income. Unfortunately, we're not expected to see relief at the pump anytime soon, instead prices are expected to increase well into spring and summer."

The price of a barrel of oil closed Friday at $109.77 on the New York Mercantile Exchange - $6.53 more than the week prior. This is the highest settlement since May of last year.

   

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