Source: orlando.bizjournals.com
Gas prices rose again last week, reflecting the escalating price of crude oil and the expectation that the economy is recovering.
AAA South Auto Club reports that a gallon of regular rose 6 cents in Florida during the week ended May 30, hitting $2.48. That is 40 cents more than a month ago, but a long way from the $3.96 a gallon selling price a year ago.
In Orlando, the price was $2.42, nearly 40 cents higher than $2.04 a month ago, according to AAA. However, gas was selling for $3.89 a year ago in Orlando.
Nationally, the average cost of a gallon of regular was $2.50, 8 cents more than a week earlier.
The cost of crude oil is the key factor in the increase. Crude closed at $66.31 a barrel on the New York Mercantile Exchange last week, up $4.64 over the price a week earlier. Economists speculate that signs of an economic recovery could be driving the price increase. As the economy rebounds, demand for fuel is likely to increase.
Tom Kloza, publisher of Oil Price Information Service, said that the current high price of gasoline is unlikely to stick, since the current price is being pushed by a run up in crude oil prices and not an increase in consumer demand.
