Florida - Gas prices in the State are rising according to AAA who reports that gas has increased 7 cents in the past week.
On Sunday, the State average was at $2.37. Prices increased the most in Tampa with 13 cents, Orlando with 12 cents and Jacksonville and Fort Meyers-Cape Coral with 9 cents. The average is 2 cents down from last month, but 2 cents up from this time last year.
"Florida gas prices were brought back in line with where they probably should've been selling, based on prices in the wholesale market," says a spokesman for AAA - The Auto Club Group, Mark Jenkins. "Fortunately, the retail side has leveled off, and could even be on the way back down this week. Oil and wholesale prices weakened last week, which should allow gas prices to slip a few cents."
The highest gas prices in the state are in West Palm Beach-Boca Raton at $2.45, Miami at $2.39 and Fort Lauderdale at $2.39. The cheapest gas in the state is in Pensacola, Jacksonville and Tallahassee, all at $2.35. Nationally, gas is averaged at $2.38, higher than last week by 1 cent.
The current average gas price in Daytona Beach is $2.36. For national, state, and other Florida city averages, click here.
(Gas averages chart courtesy of AAA)
Demand for gas was at a record high for Memorial Day weekend and crude inventory was low, according to reports from the U.S. Energy Information Administration (EIA). It is expected that markets will remain the same until supply goes down significantly. According to Reuters, with President Trump pulling out of the Paris Climate Accord, the market decreased and domestic production of gasoline is expected to increase and add to the oversupply of gas worldwide. U.S. production reached highs not seen since August 2015. "This bearish sentiment has set the stage for lower prices at the pump," says Jenkins. "How the market responds this week will be a strong indicator for where gas prices will go this summer. As it stands right now, summer gas prices should remain at or below last year's levels. Copyright Southern Stone Communications 2017.
