Gas prices increased by an average of a nickel a gallon across Florida over the past week to $2.87, according to AAA. Analysts said a couple of factors are expected to hold prices at about that level this week.
Among the factors was a $1.97 a barrel decline in crude oil prices that oil industry officials said was the result of China's decision to lower its interest rates.
Tempering that announcement was news from U.S. energy officials that domestic inventories of crude oil fell by more than three million barrels last week, twice the projected decline.
“We may start to see the price of crude oil react more to basic fundamentals of supply and demand as opposed to the value of the dollar,” said Jessica Brady, manager of AAA Public Relations.
“Just because the price of crude dropped this week, doesn’t mean it will continue to drop, especially after news announcing demand has increased," Brady said. "Consumers may see a slight decrease in gas prices this week, but it will be minimal since it’s very likely oil prices will increase this week, only to move retail prices higher next week.”
