If crude oil prices, which hit 70 dollars a barrel this week, go above that, 3-dollar-a-gallon gas could be a reality by the end of the summer, said AAA's Ken Grant. Despite the increase, gas prices in Florida remain below the national average which stood at $2.87 per gallon on Sunday, 53 cents higher than this time previous year.
Analysts say prices are rocketing higher throughout the USA because of reductions in domestic supply and the oil market's response to President Trump's decision to leave the Iran Nuclear Deal.
States with the highest average gasoline prices: California ($3.68), Hawaii ($3.63), Washington ($3.35), Alaska ($3.30), Nevada ($3.27), OR ($3.23), Utah ($3.18), Idaho ($3.11), CT ($3.06) and Pennsylvania ($3.03).
"Gas prices saw among the larger weekly increases since Hurricane Harvey in the last week as oil prices continued to surge, leading to sharply higher prices at the pump, putting the U.S.in peril of striking the $3 per gallon level for the first time since 2014", said Patrick DeHaan, head of petroleum analysis for GasBuddy. Prices nationwide climbed 6 cents to $2.87. Levels of all three were lower than a year ago led by oil inventories down almost 89 million barrels in the last year.
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The national average is $2.86 per gallon.
Despite the higher pump prices, AAA predicts more than more than 41.5 million Americans will travel this Memorial Day weekend, with 36.6 million of that number traveling by vehicle.
On the plus side, AAA says airfares are down seven percent as compared to last Memorial Day, with an average price of $168 for a round-trip flight along the top 40 domestic routes and auto rental prices are down 11 percent.
For live fuel price averages, visit fuelinsights.gasbuddy.com .