TAMPA, Fla. – Motorists are seeing the gas prices hit their highest average since October, yet motorists saw very little movement at the pump this week. The national average increased 1 cent from last week and has remained above $2 a gallon for 53 consecutive days.
"Motorists are seeing some of the highest prices at the pump of the year," said Josh Carrasco, spokesman, AAA - The Auto Club Group. "Even though prices are up nearly 50 cents from this year's low, drivers are on pace to see the lowest summer gas prices in over a decade. Volatility in both gas and oil prices are expected in the short term, but barring any unforeseen price spikes or fuel shortages, gas prices should peak within the next month or two, like they did last year."
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West Texas Intermediate crude oil prices hit their highest price point of 2016, $46.70 a barrel, following a monthly report by the International Energy Agency that showed global demand increasing for the first quarter of 2016 and projected global supply growth to slow during the second half of the year. WTI prices did settle 49 cents lower on Friday at $46.21 per barrel at the close of formal trading on the NYMEX, but this settlement reflects a $2.77 increase from Monday's close.
Regional Gas Prices
Florida: the state average price of $2.19 is 2 cents less than a week ago, 13 cents more than a month ago, and 43 cents lower than this time last year. The Florida average has been decreasing for 11 straight days, by a few fractions of a cent per day.
Georgia: the state average price of $2.16 is 3 cents higher than a week ago, 8 cents more than a month ago, and 41 cents less than a year ago. The Georgia average has been on the decline for 9 days in a row.