Average retail gas prices in Orlando jumped 9.8 cents per gallon in the past week, averaging $3.54 per gallon on Sunday. This compares with the national average that has increased 4.5 cents per gallon in the last week to $3.39/g, according to gasoline price website OrlandoGasPrices.com.
Pump prices increased dramatically on account of the news that multiple refineries across the U.S. shutdown, causing gas output to decrease by 2.8 percent last week to 8.5 million barrels a day, the lowest level since February 2010, according to the Energy Department. During the same time, U.S. gasoline inventories fell by nearly 400,000 barrels, when they were forecast to increase by 2 million barrels.
Oil prices also increased on account of Greece’s debt situation and talk that a deal is near and the European Union’s announcement that sanctions will be enacted on Iran beginning July 1. Iran is still threatening to block the Strait of Hormuz, which transports one-fifth of the world’s oil supply, if the EU begins to implement the sanctions.
“Although oil prices remain near $100 a barrel, retail gas prices continue to rise at a steady pace,” said Jessica Brady, AAA spokeswoman, The Auto Club Group. “Concerns of dwindling supplies from refinery shutdowns in the U.S., at a time when gas demand is starting to improve, are driving pump prices higher. Consumers are likely to see gas prices increase again this week.”
