UPDATE: This article has been updated to reflect Thursday’s oil tanker attacks.
On Monday a Bloomberg article told us to to wait a week for gas prices to go down lower, then Thursday an attack on oil tankers in the Middle East caused crude oil prices to go up, so what does this mean for prices at the pump.
Mark Jenkins, a spokesman with AAA, who collect data on gas prices and trends, said he expects prices could still “trickle” lower but he can’t say for sure since events are still unfolding. The state average could go down a few cents, he said.
“In essence crude has just recovered from where it was two days ago,” Jenkins said.
Monday’s article stated that gas prices are expected to drop by an average of 16 cents per gallon nationwide next week. But with the ongoing events that may not happen exactly as expected. Jenkins said it usually takes about a week for changes in crude oil prices to affect prices at the pump, however, that could change depending on if gas retailers choose to react preemptively to the expected hikes.
Jenkins cautioned that nationwide reductions do not necessarily affect Florida in the same way. Also prices are already low, the average for Florida is 25 cents less than it was two months ago, he said.
Gas prices have been falling pretty steadily since the beginning of May, according to GasBuddy.com.
The average cost of gas in Orlando Friday is $2.47, down 12 cents from last week and two cents lower than yesterday, according to AAA.