TAMPA, Fla. - - Florida’s average price of $3.76 increased 10 cents from last week.
The national average price of unleaded regular gasoline is $3.76 per gallon, 12 cents more than last week.
The U.S. dollar dropped to its lowest level in more than a year and drove up the price of crude oil to settle Friday at $112.79 a barrel on the New York Mercantile Exchange - $4.85 more than last week. A weak dollar makes crude oil more appealing as commodity to foreign investors and increases the price of oil.
Last week’s attacks on Libya's Sarir oil field also pushed crude prices higher after it signaled an increased delay in the country's oil production and exports, even if Libya's conflict comes to a resolution. The attacks on the oil field increased investor concern that Libya's oil refining will remain at reduced levels for months to come.
"The price of regular retail gasoline increased more than 10 cents nationally for an average of $3.76 a gallon and prices are expected to increase further this week," said Jessica Brady, spokesperson, AAA Auto Club South. "The weak U.S. dollar coupled with the continued turmoil in the Middle East and North Africa will likely sustain the already high oil and gas prices as we head into the summer months."
From Florida Triple-A
Copyright 2011 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.