Daytona Beach, FL - Gasoline prices are the highest they've been since October 2014. The increase is due to a limited supply of crude oil and rising futures prices. Triple-A spokesperson Mark Jenkins said that prices have risen steadily over the course of the year. "It's all been driven by rising futures prices, more specifically, the increase in the price of crude. The price started the year at $47. We're now up to $80 a barrel. It jumped from $73 to $80 in just the past two weeks."
Last year, global production declined, after the pandemic caused fuel demand to collapse. This year, demand has rebounded, but oil producers have not kept pace. Prior to the pandemic, the global market was oversupplied. Now demand outpaces supply.
A big concern is that winter is coming and if it's colder than normal, natural gas prices could see record increases. Jenkins said that natural gas prices in Europe and Asia have tripled - to a level that would be the equivalent of oil prices reaching $200 per barrel.