WUFT News

Oil prices up, but maybe not for long

By on May 2nd, 2011

Although gas prices spiked 6 cents in Florida this past week, the price may drop very soon. AAA Auto Club South Spokeswoman Jessica Brady says oil prices are falling following the death of Osama bin Laden.

“Oil dropped because of speculation that his death will actually ease back some of the turmoil over in the Middle East. If that’s the case, and if this continues, we could actually see gas prices drop a bit next week,” she says.

Brady says weaker demand from China will also help push down oil prices, although it is hard to tell exactly how much. The average price per gallon in Florida is currently $3.88. Brady says the main reason for the rise this week in Florida was the closure of 7 refineries across the Southeast because of bad weather, but the refineries are expected to open by the middle of the week.


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