Make us your home page

Tampa Bay gas prices rise 8 cents in a week

Retail gas prices around Tampa Bay surged about 8 cents over the past week, and AAA warned that increased crude oil costs and the aftermath of the earthquake in Chile could mean even higher prices.

A gallon of unleaded regular around Tampa Bay cost about $2.70 on Monday, up from $2.62 a week ago and $2.64 last month, according to AAA. Gas prices statewide increased by about 6 cents.

The jump was higher in states such as Tennessee and Georgia, which had increases of almost a dime Monday. Still, a gallon of regular gas there was 16 cents and 10 cents cheaper, respectively, than Florida.

Higher crude oil prices are mostly responsible for the spike, said Jessica Brady, AAA spokeswoman. Recent reports about a better-than-expected U.S. economy and improved gross domestic product have led investors to pour money into crude oil under the assumption that growth will boost demand.

For months, a strengthened U.S. dollar drove down prices for crude oil. But now the dollar is struggling against a stronger euro, she said.

Crude oil prices closed at $79.66 a barrel on the New York Stock Exchange, the highest in six weeks.

Another factor that could likely sustain increased prices is Chile's earthquake, which has forced two oil refineries to shut down because of power outages. Each factory produces 116,000 barrels a day and is assessing property damage, Brady said. The factories reported they had enough gasoline to last a couple of weeks.

"We really don't know right now how bad the damage is," she said. "This can lead to a supply issue."

Brady said this week and next will be key in determining what prices will be like in the coming months.

Prices typically rise in mid-March as refineries switch from winter to summer gasoline blends, but they could be more than average this year given the expensive start.

"This is going to kind of set the tone for what our prices will be in the summer," Brady said.

Follow This Just In on Twitter.

Tampa Bay gas prices rise 8 cents in a week 03/01/10 [Last modified: Monday, March 1, 2010 11:20am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Trigaux: How Moffitt Cancer's M2Gen startup won $75 million from Hearst


    TAMPA — A Moffitt Cancer Center spin-off that's building a massive genetic data base of individual patient cancer information just caught the attention of a deep-pocketed health care investor.

    Richard P. Malloch is the president of Hearst Business Media, which is announcing a $75 million investment in M2Gen, the for-profit cancer informatics unit spun off by Tampa's Moffitt Cancer Center. Malloch's job is to find innovative investments for the Hearst family fortune. A substantial amount has been invested in health care, financial and the transportation and logistics industries.
  2. Three-hour police standoff ends, thanks to a cigarette


    TAMPA — A man threatening to harm himself was arrested by Tampa police on Tuesday after a three-hour standoff.

  3. Another Hollywood nursing home resident dies. It's the 9th in post-Irma tragedy.

    State Roundup

    The Broward County Medical Examiner's office is investigating another death of a resident of the Rehabilitation Center at Hollywood Hills — the ninth blamed on the failure of a cooling system that became a stifling deathtrap three days after Irma hit.

    Carlos Canal, pictured at 47 years old, came to Miami from Cuba in 1960. Above is his citizenship photo. [Courtesy of Lily Schwartz]
  4. Despite Hurricane Irma, Hillsborough remains on pace to unlock hotel tax that could pay for Rays ballpark


    TAMPA — Despite the threat of a catastrophic storm, it was business as usual at many Hillsborough County hotels in the days before Hurricane Irma bore down on the Tampa Bay region.

    The Grand Hyatt near TIA closed during Hurricane Irma, but many other Hillsborough hotels were open and saw an influx.
  5. New Graham-Cassidy health care plan stumbles under opposition from governors


    WASHINGTON — The suddenly resurgent Republican effort to undo the Affordable Care Act was dealt a blow on Tuesday when a bipartisan group of governors came out against a proposal gaining steam in the Senate.

    Sen. Lindsey Graham, R-S.C., joined by, from left, Sen. Roy Blunt, R-Mo., Majority Whip John Cornyn, R-Texas, Sen. John Barrasso, R-Wyo., Sen. Bill Cassidy, R-La., Senate Majority Leader Mitch McConnell, R-Ky., and Sen. John Thune, R-S.D., speaks to reporters as he pushes a last-ditch effort to uproot former President Barack Obama's health care law, at the Capitol in Washington, Tuesday, Sept. 19, 2017. To win, 50 of the 52 GOP senators must back it -- a margin they failed to reach when the chamber rejected the effort in July. [/J. Scott Applewhite | Associated Press]