Sunday, February 25, 2018
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Tampa Bay gas prices spike in a day with higher demand

Your eyes aren’t deceiving you — gas prices really did shoot up in a single day. Tampa Bay pump prices averaged $2.35 per gallon Tuesday, up almost 10 cents from $2.26 per gallon Monday, according to AAA, The Auto Club Group.

After falling for 47 days straight, the state average climbed five cents over the day from $2.40 per gallon on Monday to $2.45 per gallon Tuesday, well below the Tuesday national average of $2.54 per gallon.

According to AAA, the spike some Floridians are seeing is because of higher demand for gas and lower gas supply in certain areas.

"It would not be a surprise to see gas prices rise 5 to 10 cents this week since wholesale prices rose an average of 7 cents last week," Mark Jenkins, AAA spokesperson, said in a Monday release.

PREVIOUS COVERAGE: Tampa Bay motorists paying among state’s lowest gas prices

Oil prices are also playing into the jump. According to GasBuddy.com, a site that tracks gas prices, the price per barrel for oil hit $57, the highest since 2015.

What may also be contributing is a new trend GasBuddy is tracking in Florida gas pricing — "price cycling."

"(That’s) where stations move (prices) up in unison because of a price leader," Patrick DeHaan, head of petroleum analysis at GasBuddy, said in an email.

The uptick, Jenkins said, shouldn’t last long. Pump prices are expected to fall over November and remain fairly low throughout the rest of the year.

Contact Malena Carollo at [email protected] or (727) 892-2249. Follow @malenacarollo on Twitter.

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