After more than six weeks of declines, here’s why gas prices are poised to rise this week

After more than six weeks of falling costs, gas prices in the Bradenton-Sarasota region and across Florida are poised to rise this week, according to AAA.

The state’s run of 47 straight days of declines ended Nov. 1, in part because demand for gas was the highest for any October since 2006. It’s that reduced supply that analysts say could push prices higher in the coming days.

“It would not be a surprise to see gas prices rise 5-10 cents this week, since wholesale prices rose an average of 7 cents last week,” AAA spokesman Mark Jenkins said in a news release.

Such a strong weekly upward move is rare this time of year, analysts say, and longterm demand for the fall is expected to drop, “which should prevent any significant spike in gas prices before the end of the year,” Jenkins said.

The average price for a gallon of regular unleaded in the two-county area on Monday was $2.33, down 1 cent in the past week but well below the statewide ($2.40) and nationwide ($2.53) averages.

In fact, the only regions in the state with less-expensive gas than Bradenton-Sarasota were Tampa-St. Petersburg-Clearwater ($2.26) and Orlando ($2.30).

According to data collected by GasBuddy, which tracks fuel pricing, the average price on Monday at Manatee County stations was $2.32 per gallon, with Sarasota County outlets slightly higher at $2.35.

Look for those prices to jump this week.

“Without a hurricane driving up prices, many motorists have been dumbfounded about what’s taking place with the unseasonable upward trend,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

As usual, the most-expensive prices are in South Florida, led by West Palm Beach-Boca Raton ($2.56) and Miami ($2.55). Panama City was next at $2.50.

This story was originally published November 6, 2017 at 9:26 AM with the headline "After more than six weeks of declines, here’s why gas prices are poised to rise this week."