High Gas Prices Could Continue Through The Holiday Season

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Tampa, FL - The cost of a gallon of regular gas could stay on the high side through the holiday season. That's according to AAA spokesperson Mark Jenkins who said the price increase is due to what's happening in Europe and Asia. "They're dealing with a natural gas shortage so they're turning to the oil market for heating and electricity to get them through the winter months. That's going to add even more strain to what is already a tight oil market."

Jenkins said the price at the pump is directly connected to oil prices. "When oil prices increase, that makes the cost of producing gasoline that much more expensive. Oil prices have surged all due to concerns that the global supply of crude is not enough to meet demand."

"Gas prices have been dragged higher by skyrocketing crude oil prices," said Jenkins. "Crude oil prices have faced tremendous upward pressure because global fuel demand is outpacing global production and supply levels. Although oil prices increased again last week, it was by a smaller margin than the weeks before. Fortunately, gasoline futures held steady. So even if gas prices increase again this week, it shouldn't be as significant of a jump as what drivers have experienced so far this month."

Here are the prices for crude oil, according to Jenkins:  The price of US (WTI) crude oil has climbed 76% this year; going from $47 per barrel in January to nearly $84/b last week. In October alone, oil prices have jumped 10%; rising from $75.88 to $83.76 per barrel. Friday's closing price of $83.76/b is $1.48/b more than the week before. 

The average price in Florida is $3.31. Daytona Beach is a bit lower than that with a gallon of regular at Buc-ee's coming in at $3.09. For other stations in the area, the average price is $3.28.  Palm Coast has an average of $3.27.

AAA, regular gas

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