Daytona Beach, FL - The new report from AAA says Florida gas prices fell five cents, but another hike could soon be on the way.
According to AAA, after imposing sanctions on exports of Iranian oil last November, the United States granted allowing Iran's eight main oil-buyers to continue making limited purchases.
But, a column in the Washington Post suggests that the U.S. will announce today (April 22nd) that those countries (the largest being China and India) must stop importing Iranian oil or face sanctions.
Just before midnight, the price of WTI crude oil had risen almost $2 to nearly $66 per barrel, in response to the report. Gasoline futures were up more than 5 cents from the previous daily closing price.
"This is news that could certainly restore upward pressure on prices at the pump, but to what extent remains to be seen," said Mark Jenkins, spokesman for AAA. "Ending Iran sanction waivers could contribute to what is already considered to be a tightening oil market due to OPEC production cuts, sanctions against Venezuela, and political unrest in Libya."
Floridians are currently paying an average of $2.74 per gallon of regular unleaded gas statewide. That's five cents less than a week ago, but 13 cents higher than last month.
Locally, Volusia drivers are looking at an average of $2.73 per gallon of regular unleaded, which is six cents less than last week's average of $2.79.
Flagler drivers are seeing an average of $2.71 per gallon of regular unleaded at the pump, two cents less than Volusia and seven cents below last week's $2.78 average.
The AAA gas report shows that drivers in the West Palm Beach-Boca Raton area are paying the most in the state again with an average of $2.84 per gallon of regular unleaded, while Jacksonville drivers pay the lowest state average of $2.66.