Gas prices are increasing around the world, except in Florida. The Auto Club Group – AAA reported this week that gas prices are now at their lowest, compared to a month ago.
On Monday, Florida’s average gasoline price was $4.07 per gallon, and declining, compared to the national average in the United States, $4.11 per gallon. The cost of gas in Florida is now at least ten cents lower than last week, and 31 cents less than it was in March.
Oil and gas prices have been significantly affected by the ongoing war in Ukraine, hitting record high prices after more than a decade.
The sudden decrease in prices has been attributed to several factors. A representative from the AAA stated, “Oil futures are falling because of global demand concerns related to COVID-19 outbreaks in China.”
However, reports from the International Energy Agency – IEA, which monitors oil security, say several member countries including Canada and Mexico, released over 100 million crude oil barrels from their emergency supplies easing supply issues and causing a downward push in prices.
The US has also committed to releasing 180 million barrels of oil in the next six months. This move by the US, combined with the release from the IEA will help fill the gap in the global market for crude oil and is expected to keep prices relatively low in the immediate future.
The AAA encourages motorists to save on gas in other ways, avoiding rush hour when possible, driving conservatively, combining errands into a single journey, reducing air condition use and shopping around for the best prices at the pump.
