Gas prices inch up 7.4 cents in Bradenton-Sarasota

BRADENTON -- Gas prices are on the rise again locally, but experts predict the acts of terrorism in France will have little effect on global crude oil prices.

Average retail gasoline prices in the Bradenton-Sarasota area have risen 7.4 cents per gallon in the past week, averaging $2.14 a gallon Monday, according to GasBuddy's daily survey of 308 area gas outlets. This compares with the national average that has fallen 5.0 cents per gallon in the last week to $2.16 a gallon, according to gasoline price website GasBuddy.com.

And the increase could be temporary. Gas prices should slip lower this week after the price of oil hit its lowest settlement since August. Gasoline prices nationwide are averaging $2.17, after slipping 5 cents last week. Motorists are now saving an average of $11 for a full tank of gas.

Including the change in gas prices in Bradenton-Sarasota during the past week, prices Sunday were 72.4 cents per gallon lower than the same day one year ago and are 2.2 cents per gallon lower than a month ago. The national average has decreased 11.4 cents per gallon during the last month and stands 72.1 cents per gallon lower than this day one year ago.

"Terrorism and other geopolitical events always have the potential to bring havoc to Wall Street but early signs suggest that financial market reactions are subdued," said Gregg Laskoski, GasBuddy's senior petroleum analyst for the Northeast.

"That means Friday's events are not likely to be what drives the direction of crude oil and market fundamentals can be expected to push retail gasoline prices lower in the U.S. We're already seeing that as the national average today is 6 cents lower from a week ago and wholesale prices are also significantly lower," he added.

The current price of gasoline in Florida is $2.18 -- 4 cents higher than a week ago, 3 cents lower than last month, and 71 cents lower than this time last year.

"Americans are finding the cheapest gas prices for this time of year since 2008," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Now that oil prices are falling again, pump prices should get even cheaper as we approach the holiday travel season."

This story was originally published November 16, 2015 at 12:14 PM with the headline "Gas prices inch up 7.4 cents in Bradenton-Sarasota ."