Didn’t take long, did it? The American Automobile Association (“AAA” or “Triple-A”) reports Gas prices at the Pumps jumped, on the average, 11 cents a gallon in Florida last week, with even higher prices on the way.
One reason? Intentional refinery shutdowns for “Summer Blends”. So what are the chances when they come back online we’ll see prices drop again? Expect possibly as much as a 50 cents per gallon increase over the coming weeks.
Key Points
- Average gas prices rose 6-10 cents last week
- Gas prices will likely rise 30-50 cents by Memorial Day weekend
- Shifts in the price of oil, supply and demand, and “refinery maintenance season” are all factors pushing gas prices higher
- The price of oil increased $2.17 last week
- Oil prices have increased 24% in 3 weeks
- Gasoline demand rose 5% last week
- Gasoline supplies fell 1% last week
“Shifts in the price of oil, supply and demand, and refinery maintenance, are all factors pushing gas prices higher,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Fuel supplies usually tighten this time of year as Americans begin taking spring vacations and refineries reduce output while conducting seasonal maintenance. These factors will likely push gas prices 30-50 cents higher by Memorial Day weekend.”
By Al Sunshine, SouthFloridaReporter.com, Consumer Investigator, Mar. 8, 2016
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