After a seasonal low,
gas prices in Orlando rise 11 cents.
“Orlando has one of the biggest gas price increases in the country over the last week.”
AAA spokesman Mark Jenkins
Central Florida’s yo-yoing gasoline prices have snapped back up 11 cents during the last week after falling to seasonal lows in early July.
Regular unleaded fuel is sold at $2.27 a gallon Thursday in Metro Orlando, according to travel club AAA. That’s up from a $2.05 a gallon average July 5.
There’s not much to explain it, other than area gas prices are returning to the national average, said AAA spokesman Mark Jenkins.
“Orlando has one of the biggest gas price increases in the country over the last week,” Jenkins said. “It’s significant.”
Prices have followed this pattern for the last few months, dropping steadily and then shooting up suddenly. The national average for fuel prices have been much steadier.
Local gas prices dropped to as much as 21 cents below the national average earlier this month. After a week of local increases, prices nationally and in Central Florida are almost the same.
Jenkins said the number of large chains in Central Florida have immense power to drive down prices — as well as react to rising prices.
There are some typical factors behind prices being on the rise. Gasoline supplies have tightened a bit during the last week, according to a new report from the U.S. Energy Information Administration. That pushed prices nationally up 1 cent in the last week.
Crude oil prices also hit an eightweek high Thursday, as imports dropped and refineries increased output. That created a shrinking reserve of oil. Oil was trading for $49.09 a barrel Thursday on New York Mercantile Exchange.
“Gas prices should trend higher through the second half of the summer, and could challenge this year’s high of $2.47 before it’s all over,” Jenkins said. “Fortunately, gas prices will drop after Labor Day, as demand weakens and refiners switch to winter-blend gasoline.”
Orlando’s price Thursday is about 8 cents higher than a month ago and 17 cents higher than a year ago according to AAA.