TAMPA, Fl. (AAA) - The national average price of regular unleaded gasoline is $3.83, a 4-cent increase from last week. Florida's average of $3.82 increased 3 cents.
Concerns of a supply disruption if Iran blocks the Strait of Hormuz eased last week after reports showed there is ample supply to make up for any Iranian losses and President Obama discussed the possibility of releasing oil from the U.S. Strategic Petroleum Reserve. The deadline is approaching for Iran to discuss negotiations regarding their nuclear efforts as sanctions against the country are tightening.
Lagging economic growth in China, the world's second largest oil consuming country, as well as a strengthened U.S. dollar have also kept oil prices stable during the past three weeks. However, retail gas prices continue to increase at a slow, but steady pace.