Gas prices on rise in Bradenton-Sarasota, likely to go even higher

Fuel prices in the Bradenton-Sarasota area have been on the rise since last week’s announcement by major oil-producing countries to slash output, and analysts believe that trend will continue as the holiday travel season nears.

The average price on Monday in the Bradenton-Sarasota area was $2.14 per gallon for regular unleaded, up from $2.03 a week earlier, according to AAA.

According to a survey of nearly 308 area stations by GasBuddy.com, Manatee County stations were averaging $2.12 per gallon on Monday, up from $1.99 during the past week. Sarasota County pumps were at $2.17, up from $2.08.

Across Florida, prices rose by 9 cents during the past week, according to AAA spokesman Mark Jenkins. In the short term, Jenkins said motorists should brace for another 10- to 15-cent rise as the holidays approach.

“OPEC seems to be taking the role of the Grinch this holiday season,” said Patrick DeHaan, a senior petroleum analyst for GasBuddy. “The era of low oil prices may be over for now.”

Industry analyst Trilby Lundberg said that many refiners have had little time to react to last week’s announcement that OPEC will cut production by 1.2 million barrels per day, though the sharp upticks during the past week across the Bradenton-Sarasota area might suggest otherwise.

Lundberg and DeHaan both said that prices could fall if financial markets don’t believe the cuts will stick, though any drop likely wouldn’t happen until the new year.

Nearby, the average in Tampa-St. Petersburg-Clearwater was at $2.12, up from $2.01 a week earlier. Statewide, the average was $2.19, a seven-day jump from $2.09.

The national average was $2.18, a nickel more than a week earlier.

This story was originally published December 5, 2016 at 10:55 AM with the headline "Gas prices on rise in Bradenton-Sarasota, likely to go even higher."