LEE COUNTY, Fla. -- Travel experts say Florida's average gas price jumped seven cents in three days as tensions grow in the Middle East.
According to AAA, that increase was set into motion before the US air strikes last week, by crude price hikes that occurred in December. But once news broke that the US carried out attacks on Iran, crude prices surged nearly $2 per barrel on Friday. An increase of that magnitude can directly trigger a 5 cent hike at the pump.
"It's still far too early to know how much of an impact this conflict will have overall on prices at the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "We'll likely have a better idea early this week. Some analysts are anticipating a 'Manic Monday' on the stock market, with many financial and physical traders returning from vacation. Either way, volatility should be expected with both oil and gasoline through January, at the very least. If geopolitical tensions continue to escalate, crude prices may rise and drag gasoline along for the ride."
Monday's average price of regular unleaded in Florida is $2.52 a gallon, about 40 cents a gallon higher than one year ago.
The Fort Myers and Punta Gorda areas are currently among the lowest priced markets in the state, with a current average price of $2.50 a gallon. Naples' average price comes in at $2.53.
