Gas prices have jumped by more than 10 cents per gallon around the Bradenton-Sarasota area during the past few days.
Oil prices spiked to more than $50 a barrel after the Organization of the Petroleum Exporting Countries agreed to reduce its output by more than 1 million barrels a day just after Thanksgiving. The cut was enough to push oil supplies below demand sooner than expected.
The average price for a gallon of gasoline on Wednesday in the Bradenton-Sarasota area was $2.26, according to AAA, which tracks gas prices across the country. That’s up 11 cents from Monday and 27 cents from this time a year ago.
According to a survey of nearly 308 area stations by GasBuddy.com, Manatee County stations were averaging $2.26 per gallon on Wednesday, up from $2.14 on Monday. Sarasota County pumps were at $2.23, up from $2.19 two days earlier.
Gas prices have been on the rise since mid-November. The sudden spike in prices last month came after a three-week decline where prices briefly dipped below the $2 mark.
Analysts say that prices likely will continue to rise into next year.