Here's why gas prices will likely soon jump 20-30 cents per gallon

Experts warn of 20-30 cent increase during spring

By Cathleigh Winningham - Producer

ORLANDO, Fla. - Drivers across the state of Florida have seen a recent decrease in gas prices, but experts with AAA say it may be short-lived. 

According to new numbers by the auto club group, gas prices in the state have declined the past 17 consecutive days, for a total of 16 cents. 

Currently, the state average for regular is estimated at $2.52 per gallon. According to AAA, that is 5 cents lower than a week ago. Orlando is among the lowest places in the state, with an average of $2.47 per gallon. 

While the news has been good for drivers, it may soon be coming to an end. Experts warn that an increase in energy prices could cause prices to increase 20-30 cents per gallon this spring. 

Statistics

  • The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.66), Sebastian-Vero Beach ($2.64), and Naples ($2.63)
  • The least expensive gas price averages in Florida are in Jacksonville ($2.43), Punta Gorda ($2.45), and Orlando ($2.47)

Futures and Wholesale Prices Rise

  • Crude oil prices rose $1.87 per barrel during the past week -- WTI reached a settlement of $63.55/b, Friday on the NYMEX
  • Gasoline futures rose 6 cents during the past week -- RBOB reached a settlement of $1.81, Friday on the NYMEX
  • Wholesale gasoline rose 8 cents during the past week -- Wholesale rose a total of 11 cents during the past week, after plunging 21 cents the two weeks before

Highs and Lows of 2018

  • National: the highest average price for gasoline was $2.61 on February 6; the lowest was $2.49 on January 3.
  • Florida: the highest average price in was $2.68 on February 8; the lowest was $2.44 on January 2. 

 

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