Gas prices rising in Bradenton-Sarasota area, with no relief in sight

Gas prices are rapidly rising locally and across the country, with only two states climbing at a faster rate than Florida.

And don’t expect relief anytime soon.

According to AAA’s daily fuel tracker, prices rose 15 cents during the past week in the Bradenton-Sarasota region to reach an average of $2.41 per gallon on Monday.

During that same time, costs surged 12 cents in the Sunshine State to reach $2.42, the highest since August 2015, and above the national average of $2.39.

Only Kentucky (15 cents) and Michigan (12 cents) had higher jumps than Florida during the past week.

This time last year, the area average was $2.01.

“This is the type of volatility we’ve come to expect this time of year,” AAA spokesman Mark Jenkins said. “The major factors weighing on the market right now are supply and demand. People are beginning to drive more as the weather improves, causing an uptick in demand and a decline in gasoline inventories.”

These rapid spikes could be just the beginning, as refineries switch to summer-blend fuels that are more expensive to produce, with AAA forecasting the national average to peak around $2.70 this summer.

“Historically, this is the time of year that gas prices go up,” said Josh Carrasco, a spokesman for AAA. “Between February and Memorial Day is when you really see the increase.”

Also worth watching: Oil prices have been surging in recent days, with a barrel trading for nearly $53 on Monday on the New York Mercantile Exchange, about $3 more than a week ago.

“If oil prices stay high, obviously gas will follow suit,” Carrasco said.

Gasbuddy.com’s daily survey or more than 300 area outlets had Manatee County stations averaging $2.41 on Monday, with Sarasota County at $2.40. Nearby, motorists in Pinellas County were paying $2.39, with drivers in Hillsborough seeing an average of $2.40.

With Easter weekend approaching and ongoing spring break excursions accounting for increased demand, look for price hikes to continue. Case in point: Drivers were consuming about 8.6 million barrels of gas per day in February, but that total is up to 9.3 million barrels per day in mid-April.

“As temperatures continue to warm up, demand will strengthen,” said Patrick DeHaan, a senior petroleum analyst for Gasbuddy. “It’s likely over the next four to six weeks through about Memorial Day, we may see more increases.”

This story was originally published April 10, 2017 at 10:32 AM with the headline "Gas prices rising in Bradenton-Sarasota area, with no relief in sight."