AAA: Florida gas prices drop 5 cents, but hike could be on the way

Florida drivers paying average price of $2.74 per gallon, AAA says

File photo (Ferre Dollar/CNN)

Gas prices in Florida dropped 5 cents over the past week, but don't get too used to sliding prices, as another hike could be on the way, according to AAA.

It's because the price of crude oil surged after the U.S. moved to further block Iranian oil exports. The Trump administration said it will no longer exempt any countries from U.S. sanctions if they continue to buy Iranian oil, including China and Japan. That helped the price of benchmark U.S. crude touch its highest level since October.

AAA reported Monday that Florida drivers are paying an average price of $2.74 per gallon -- 5 cents per gallon fewer than a week ago, 13 cents more than last month and fractions of a penny fewer than what drivers paid this time last year.  

Jacksonville remained the least expensive metro market in Florida at $2.65 a gallon as of Monday, AAA said.

As of Monday, according to AAA, the national average gas price was $2.84.

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