Florida gasoline prices topped the national average for the first time since early February, with pump prices increasing 14 cents in the state over the past week.
The average price of a gallon of regular unleaded gas in Florida was $3.45 on Monday, a penny higher than the national average, according to the AAA auto club. In Tampa Bay, the average price for a gallon of regular gas was $3.48 as of Monday.
“There were significant losses in the oil market last week which should enable gas prices to move lower again,” AAA spokesman Mark Jenkins said in a prepared statement. “The failure of two U.S. banks raised concerns of a global recession that could eventually hamper fuel demand.”
Oil prices have dropped 17% over the past two weeks. Florida’s average gas price went above the national average on Friday. The highest prices in the state are in the West Palm Beach and Naples regions, while the lowest prices remain in the Panhandle.