- Gas prices in Florida could potentially rise following recent Hamas attacks on Israel, as crude oil prices increased by 4 percent to $86 per barrel in response.
- Despite the increase, oil prices remained below the $90 threshold they held in previous weeks, and it is uncertain how much of an impact the attacks will have on consumer gas prices.
- Florida’s average gas price dropped to $3.48 per gallon, the lowest since July 24, with the highest prices in West Palm Beach-Boca Raton, and the lowest prices in Pensacola.
Gas prices in Florida could potentially see increases following Hamas’ attacks on Israel this weekend, according to a AAA report, despite fuel costs reaching an eleven-week low last week.
Following the attacks, crude oil prices saw an increase in response, reaching $86 per barrel on Sunday night, a 4 percent increase from Friday. Despite the rise, prices remained below the $90 threshold that they had predominantly held in the previous weeks.
Per the auto club, while the Hamas attacks reportedly did not directly impact global supplies, oil prices were driven higher over the weekend, due to the uncertainty of how things will unfold.
“Florida gas prices tried to swim upstream early last week, but were quickly knocked back down by week’s end,” said Mark Jenkins, a spokesperson for AAA. “Oil and gasoline suffered big losses in the futures market, which could enable pump prices to move lower. However, that could change depending on how the market responds to rising geopolitical tensions following the surprise attack by Hamas on Israel.”
AAA does acknowledge, however, that it is currently unclear how much of an impact the attack on Israel will have on prices, as gasoline futures experienced a drop of over 30 cents per gallon but subsequently recorded nominal gains.
Broadly speaking, Florida’s average cost at the pump dropped to $3.48 per gallon — nearly 2 cents lower than the previous week and serving as the lowest price point since July 24.
Among surveyed metropolitan markets, the highest gas prices statewide were found in West Palm Beach-Boca Raton ($3.66), Naples ($3.57), and Port St. Lucie ($3.53). Conversely, the lowest prices were in Pensacola ($3.25), Crestview-Fort Walton Beach ($3.27), and Panama City ($3.36).