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AAA: Gas prices on the rise due to refinery issues, ongoing Red Sea conflict

By ActionNewsJax.com News Staff

By ActionNewsJax.com News Staff

TAMPA, Fla. — Florida gas prices rebounded from multi-week lows last week.

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The state average jumped from $2.99 per gallon on Monday to $3.18 per gallon by the middle of the week. From there, prices eased through the weekend with the state average sliding to $3.15 per gallon on Sunday.

“Despite declining through the weekend, gas prices are facing renewed upward pressure, after crude oil and gasoline futures shot up late last week,” said Mark Jenkins, spokesman for AAA. “This could contribute to higher prices at the pump this week or next. How much higher remains to be seen.”

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The U.S. price of crude oil settled at $78.01 per barrel, which is $4.60 per barrel more than the week before and the highest daily settlement since November.

The 5% gain over the past two weeks comes amid refinery issues and the ongoing conflict in the Red Sea.

Last week, oil prices rose $2 after a fire at a Russian refinery, stoking global fuel supply concerns. The refinery reportedly supplies fuel for Turkey, China, Malaysia and Singapore. Later in the week, oil prices rose again after a British tanker was struck by a missile and set on fire in the Gulf of Aiden.

To view average gas prices on the state and local levels, visit GasPrices.AAA.com.

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Regional Prices:

Most expensive metro markets: West Palm Beach-Boca Raton ($3.34), Naples ($3.22) and Fort Lauderdale ($3.21)

Least expensive metro markets: Crestview-Fort Walton Beach ($2.89), Panama City ($2.91) and Pensacola ($2.93)

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