A spike in gas prices across Florida may be short-lived
After an increase last week, concerns about a global recession could drive gas prices back down.
Gas prices rose sharply across Florida last week, but that increase may not last too long.
According to a release from AAA, the average price of a gallon of gas in the state is $3.45. That's 14 cents more than this time last week, and 13 cents less than the high for this year.
According to AAA spokesman Mark Jenkins, concerns over a global recession following the failure of two U.S. banks could slow fuel demand. It has already resulted in lower oil prices, which could be passed down to consumers.
"There were significant losses in the oil market last week which should enable gas prices to move lower again," Jenkins said in the release. "The failure of two U.S. banks raised concerns of a global recession that could eventually hamper fuel demand."
Some areas across the Florida Panhandle are already seeing prices as low as $3.15 a gallon, while the West Palm Beach-Boca Raton metro area is the highest in the state, at $3.63 .
Drivers across the greater Tampa Bay region are paying an average of $3.47.