Monday, September 05, 2011

Gas Prices Rise - Holiday And Storms The Cause?

Average retail gasoline prices in Florida have risen 4.3 cents per gallon in the past week, averaging $3.60/g Sunday. This compares with the national average that has increased 5.9 cents per gallon in the last week to $3.67/g, according to gasoline price website

Seizing every chance, gas retailers adjust prices daily as weather or political situations change. Tropical storms in the Gulf of Mexico this week and Hurricane Irene last week, the latest breaking news stories affecting retail prices. And Labor Day driver demand, another reason to adjust prices.

Including the change in gas prices in Florida during the past week, prices yesterday were $1.02/g higher than the same day one year ago and are 6.5 cents per gallon lower than a month ago. The national average has decreased 0.7 cents per gallon during the last month and stands 98.2 cents per gallon higher than this day one year ago.

"Gasoline prices continue to slowly advance, but with major storms impeding the activity of refineries, it shouldn't come as a shock," said Patrick DeHaan, Senior Petroleum Analyst. "I believe that we may see additional impacts with Tropical Storm Lee as many oil platforms have already ceased production, and there may be refineries that shut due to intense rain. The good news is that I do expect gasoline prices to being falling closer to the end of September as we switch back to cheaper Winter gasoline and the peak of hurricane season passes," DeHaan adds.

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