Florida gas prices up 7 cents this week - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Florida gas prices up 7 cents this week

TAMPA, Fl. (AAA) -

The national average price for regular retail gasoline increased for the first time since it peaked the week of April 6, when the weekly average was $3.92. After gas prices peaked in April, they entered a downward trend until last week when motorists saw prices jump overnight. Bullish news hit the market at the start of the month and caused oil prices to spike, which has led to the rise at the pump. 

The national average price of regular unleaded gasoline is $3.38, 5 cents more than last week. Florida's average of $3.26 increased 7 cents from last week.

The two main factors that pushed oil prices higher last week were imposed European sanctions against Iran and an agreed upon plan by European leaders to save the euro and resolve the ongoing debt crisis. While tensions with Iran drove both oil and gas prices up during the first quarter of the year, tensions died down after members of the United Nations met with Iran about their nuclear efforts. 

During the same week, European leaders announced they agreed on a plan to save the euro and correct the two-year debt crisis faced by many European countries. The mere announcement of the plan sparked optimism in the market that fuel demand will increase in Europe and the economy will start to recover. 

"Although oil prices retreated at the end of last week, it's likely motorists have seen the last of the summer price reductions at the pump," said Jessica Brady, AAA spokeswoman, The Auto Club Group. 

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