Iran Tensions Push Pump Prices Up 6 Cents as 2012 Arrives

Growing tension in the Strait of Hormuz, mixed with signs of an improved U.S. economy, have helped push the price of gas in Florida up 6 cents in the past week, according to AAA.

"We're likely to begin the new year with a rally of optimism in the oil market as the U.S. economy is forecast to continue to improve, coupled with concerns over Iranian tension and the possibility of a disruption in the country's oil exports," Jessica Brady, AAA spokeswoman, stated in a release.

"This means motorists could see pump prices increase throughout the first half of January. If gas prices continue to jump an average of 5 cents a week, the national average could reach $3.40 a gallon by the third week of January."

As of Monday, the average price for a gallon of gas in Florida stood at $3.31, up from $3.25 a gallon a week earlier.

According to Gasbuddy.com, which relies upon motorists for updates, a gallon of gas in Orlando sold for between $3.20 and $3.47 a gallon on Monday.

In Tampa, the range was $3.13 to $3.39. Jacksonville saw a $3.15 to $3.39 range.And Pensacola recorded a low of $3.05 and high of $3.39. Miami had the widest range, $3.19 to $3.87.

A year earlier, gas sold for an average of $3.10 a gallon in Florida.

Brady pointed to the situation with Iran as one reason the price of a barrel of oil closed Friday at $98.83 on the New York Mercantile Exchange, down 85 cents from a week earlier.

Iran has been conducting exercises in the Persian Gulf as a means to show its military capability to shut the strait, through which 20 percent of the worlds oil passes, as the U.S. and Europe have threatened sanctions to thwart Irans growing nuclear program.

Meanwhile, Brady added, the U.S. economy has cast positive signs that could cause oil and gas prices to continue to increase.

Nationally, a gallon of gas sold for $3.28 a gallon on average, up from $3.23 a week earlier.In Georgia, the same gallon sold for $3.21 on Monday. In Tennessee, a gallon cost $3.13 on average.