TAMPA, Fla. - It's not the news motorists wanted to hear: both oil and gas prices are on the rise and pump prices are expected to move higher throughout the month. Initially, it looked as though there would be moderate price gains, but some areas have already seen gas prices increase 5 to 15 cents.
A positive economic outlook, supply issues, refinery maintenance and preparation for the summer fuel switch helped push oil prices closer to $100 a barrel on the New York Mercantile Exchange (NYMEX). As a result, gas prices increased at a faster rate than expected.
"Motorists can expect to see gas prices increase this month," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Refineries have started to prepare for maintenance season and the switch from winter to summer grade gasoline. Refinery output has already seen a reduction. In addition, positive economic news has led to an increase in oil prices which also translates to higher prices at the pump."
A barrel of oil closed Friday at $97.77 on the New York Mercantile Exchange— $1.89 more than the week prior.
The national average price of regular unleaded gasoline is $3.51, 16 cents more than last week. Florida’s average of $3.56, 14 cents more than last week. Georgia’s average of $3.45 rose 13 cents, and Tennessee’s average of $3.31 increased 13 cents from last week, respectively.
