Make us your home page
Instagram

Gas prices hit $3 a gallon in parts of Florida

TAMPA — Gas prices in parts of Florida reached $3 a gallon last week, almost 30 cents more than the national average.

Experts say prices likely won't go much lower than that, but they're not predicting much higher prices, either.

The highest prices were around the Treasure Coast. Florida's average gas price last week was $2.84, a 5-cent increase over the previous week.

Here's what's happening, according to AAA Auto Club South spokeswoman Jessica Brady:

The price of retail gasoline is tied to the price of crude oil, and crude oil prices are largely determined by investor demand.

The higher the price of crude oil, the higher the price of retail gas.

Particularly when the U.S. dollar is weak, foreign investors put money in commodities, including crude oil. Until last week, the demand and the price of crude oil was increasing. Gas prices were, too.

In response to that demand, the United States increased its crude oil supplies. Crude stockpiles are at their highest level since August 2009.

Several recent reports indicating that the U.S. economy was nearing a rebound caused investors to buy even more crude oil, and the price kept rising.

But Friday, a Reuters report showed a decline in consumer confidence, which drew investors' attention. The price of crude oil fell from $83 a barrel before the study was released to $81.24. It fell $1.44 to $79.80 on Monday.

It would be logical to expect a decrease in gas prices following a decrease in crude oil prices, but Brady said gas prices will likely remain about the same.

She said the next closing price of crude oil on Friday would paint a better picture, but experts don't expect gas prices to go above about $3 through the summer.

Reach Kim Wilmath at kwilmath@sptimes.com or (813) 226-3386.

Gas prices hit $3 a gallon in parts of Florida 03/15/10 [Last modified: Monday, March 15, 2010 7:19pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Appointments at the Tampa Metropolitan Area YMCA and the Straz Center highlight this week's Tampa Bay business Movers & Shakers

    Business

    Charities

    The Tampa Metropolitan Area YMCA has named Matt Mitchell its new chief executive officer, effective Oct. 16. Selected by the Y's CEO Search Committee following a five-month search, Mitchell will succeed Tom Looby, who is retiring. Looby has served the Y Movement for 37 years, the past 10 …

    The Tampa Metropolitan Area YMCA has named Matt Mitchell as its new Chief Executive Officer. [Handout photo]
  2. Rep. Larry Ahern gets roughed up by Clearwater City Council

    State Roundup

    It seemed innocuous enough: an "end of session report" from state Rep. Larry Ahern, R-Seminole, to the Clearwater City Council.

    Then Ahern got taken to the woodshed.

    Rep. Larry Ahern is vying for a seat on the Pinellas commission.
  3. There's a bar in Tampa where you can roller skate and eat sushi

    Food & Dining

    Roller skating, it's not just for kids birthday parties and the 1970s anymore.

    The exterior of Pattinis features this mural by Art Aliens! [Pattinis South Tampa via Facebook]
  4. Lockdown: Florida's 97,000 prison inmates confined through weekend

    State Roundup

    All of Florida's 97,000 state prison inmates are on lockdown — and will remain confined to their dorms at least through the weekend — in response to unspecified threats about possible uprisings, officials from the Florida Department of Corrections confirmed Thursday.

    Blackwater River Correctional Facility. [Florida Department of Corrections]
  5. Carnival announces five more cruises from Tampa to Cuba

    Tourism

    TAMPA — Carnival Cruise Line is adding five more cruises from Tampa to Cuba in 2018, Port Tampa Bay announced Thursday.

      Carnival Cruise Line announced additional cruises to  Cuba. Pictured is its Paradise cruise ship departing on its inaugural voyage to Cuba from Tampa. | [MONICA HERNDON | Times]