Gasoline prices are down in Florida despite tensions in Southwest Asia

gasoline prices BP — Gas prices in Tampa on June 13, 2022. By Seán Kinane/WMNF News.

Gasoline prices in Florida continued to decline last week despite rising global tensions potentially straining oil markets.

The AAA auto club said Florida motorists were paying an average of $3.22 on Monday for a gallon of regular unleaded gas, down 11 cents from a week earlier.

Pump prices have decreased 63 cents since hitting a 2023 peak of $3.85 on Aug. 17.

“Gas prices are still following the downward momentum created by the seasonal downturn in fuel demand, coupled with stronger gasoline supplies and the switch to cheaper winter blend gasoline,” AAA spokesman Mark Jenkins said in a prepared statement.

But the industry is waiting to see the potential effects of the war between Israel and Hamas.

“The oil market is watching to see if the war between Israel and Hamas widens, so the price is stuck at a rather elevated price in the mid-$80s per barrel,” AAA spokesman Andrew Gross said. “This, in turn, is slowing the decline in gas prices.”

The U.S. price of oil logged a 1 percent gain last week, AAA reported.

Over the past two weeks, U.S. oil is up 7 percent. or $6 a barrel.