January Gas Prices The Most Expensive In Four Years

January 23, 2018

The price of gas is off to its most expensive start to the year since 2014.

Florida gas prices increased 9 cents during the past week. The state average of $2.54 is 18 cents more than a month ago, and 19 cents more than this time last year. The average price for a gallon of regular unleaded in Escambia County is $2.50, up from $2.33 a week ago and $2.32 one year ago. Pensacola, The Villages and Jacksonville at $2.50 are the least expensive in the state.

“It has been anything but a normal January for prices at the pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Normally, demand slips and supplies build. However, this story so far this year has been a rally in oil prices.

“Oil prices strung together three weeks of significant gains, raising the cost of producing gasoline,” Jenkins continued. “As a result, gas prices for the month of January have been the most expensive in four years. Fortunately, prices at the pump plateaued late last week, after the momentum for oil stalled out. While gas prices will continue to be steered by the price of oil, they will soon face additional pressure from refinery maintenance season. During the next few months, refineries will reduce output as they conduct maintenance on their equipment and switch to summer-blend gasoline. This usually leads to tighter supplies and forces gas prices higher. However, there is still lingering hope that U.S. oil production will ramp-up sooner than later, which would boost inventories and push energy prices lower.”

Comments

One Response to “January Gas Prices The Most Expensive In Four Years”

  1. mike on January 23rd, 2018 7:11 am

    come on with it! 4 dollars a gallon baby! please, please says the offshore oil biz workers! :)

Written by William Reynolds · Filed Under News