Fuel Markets React to Rising Tensions in the Middle East

Florida gas prices jumped 20 cents per gallon early last week before retreating slightly over the weekend. The state average fell to $2.95 per gallon on Wednesday—its lowest level since May 10—then climbed to $3.15 by Thursday, the highest price since May 2. By Sunday, the state average had edged 4 cents lower.

Ongoing tensions in the Middle East have added uncertainty to global and domestic gasoline markets. U.S. airstrikes on Iranian nuclear facilities and Iran’s response prompted a modest rise in oil prices during early trading this week, though markets have since steadied.

Of particular concern is Iran’s threat to close the Strait of Hormuz—a critical passageway for about 20% of global oil shipments. While the Iranian Parliament voted in favor of the move on Sunday, the final decision remains with the country’s Supreme National Security Council.

Last week’s rising conflict between Iran and Israel had already pushed oil prices to their highest levels since January. On Friday, crude closed at $74.93 per barrel, up roughly $2 from the previous week. Following the weekend’s developments, oil prices fluctuated between $74 and $77 per barrel during overnight trading.

By comparison, oil prices averaged $60 per barrel in May.

“For drivers in the U.S., this could mean modest increases at the pump if tensions persist or if oil flows are disrupted,” said Mark Jenkins, spokesman for AAA – The Auto Club Group. “So far, the impact has been measured, but market watchers are keeping a close eye on how things unfold in the coming days.”

Visit GasPrices.AAA.com to view state and local average gas prices

Regional Prices

• Most expensive metro markets – West Palm Beach-Boca Raton ($3.27), Naples ($3.18), Gainesville ($3.18)
• Least expensive metro markets – Crestview-Fort Walton Beach ($2.90), Panama City ($2.93), Pensacola ($2.96)

Ways to Save on Gasoline

1. Combine errands to limit driving time.
2. Drive conservatively. Avoid aggressive acceleration and speeding, which reduces fuel economy.
3. Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
4. Shop around for the best gas prices in your community by using the AAA mobile app. 
5. Pay with cash. Some retailers charge more per gallon for customers who pay with a credit card.

AAA Resources for Drivers

• Find the lowest gas prices in your area by using the free AAA mobile app.
• Determine fuel costs for your trip by using the AAA's Gas Cost Calculator.
• Enroll in savings programs. AAA Members who enroll in Shell's Fuel Rewards program can save 30 cents per gallon on their first fill-up and 5 cents per gallon each additional trip to the pump. Click here for more information. Members can also save money when buying gasoline, diesel, and propane at Love's Travel Stops in select states. Click here to learn more.
• Ensure your vehicle is properly maintained to optimize its fuel economy. Visit AAA.com/AutoRepair to find a certified repair shop.

Find Florida Gas Prices

• Daily gas price averages can be found at Gasprices.aaa.com 
• State and metro averages can be found here

	Sunday	Saturday	Week Ago	Month Ago	One Year Ago
National	$3.218	$3.219	$3.135	$3.195	$3.451
Florida	$3.110	$3.122	$2.946	$3.129	$3.364
Georgia	$2.959	$2.956	$2.867	$2.934	$3.264
Click here to view current gasoline price averages

Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.