Gas prices continue spring rise, hit 20-month high in the region

Central Florida gas prices hit a 20-month high this week as oil prices have risen.

The average price for a gallon of regular unleaded fuel hit $2.46 in the greater Orlando area this week, according to AAA’s Daily Fuel Gauge. That makes it the most Central Florida drivers have paid for fuel since July 2015 and a 50-cent piece more than the same day a year ago.

Oil prices are up about 12 percent in the last month, said Patrick DeHaan, senior petroleum analyst with Gasbuddy.com.

“We are back to the highest prices since July of 2015, but it’s not a whole lot to smile about to say that prices are lower than they were a few years ago,” he said.

Prices in the area are also 28 cents a gallon higher than a month ago.

Metro Orlando prices are slightly higher than the national average of $2.42 a gallon. Florida’ s average is $2.46. South Carolina has the country’s cheapest petroleum at $2.13 a gallon on average, according to AAA.

Drivers often see the highest fuel prices of the year in spring, when refineries are required to switch to more environmentally friendly blends of fuel and cars hit the road as the rest of the country unthaws. The peak usually comes between late May and early June, near Memorial Day as the nation’s gasoline reserves are tested for the first time each year by a major driving holiday.

“This summer is going to be more expensive than last summer, no doubt,” DeHaan said.

In 2016, local gas prices peaked at $2.31 a gallon in early June. In 2015, the highest price local drivers paid was about $2.64 a gallon, also in early June.

Still, DeHaan said it’s encouraging that international tensions have not resulted in higher oil and gasoline prices. It shows the strength of America’s domestic drilling, which now accounts for about half of the country’s oil needs.

Analysts are also waiting to see if OPEC nations announce another round of production cuts, after a similar deal in November resulted in a slight increase in prices.