Gas prices edge back up in Bradenton-Sarasota, nationwide

MANATEE -- Gasoline prices in the Bradenton-Sarasota area jumped an average 12.6 cents per gallon in the past week, averaging $1.81 a gallon, according to GasBuddy's daily survey of 308 area gas outlets. This compares with the national average that increased 6.8 cents per gallon in the last week to $1.81 a gallon.

Local prices were 62.9 cents per gallon lower than the same day one year ago and 5.6 cents per gallon higher than a month ago. The national average has increased 7.6 cents per gallon during the last month and stands 64.4 cents per gallon lower than this day one year ago.

In Florida, average prices are at $1.83 a gallon, up 10.4 cents per gallon from last week's $1.73 a gallon.

"Taking a cue from the prior week's price rebound, retail gasoline prices continued its upward push by increasing nearly 9 cents per gallon on average nationwide," said Will Speer, GasBuddy senior petroleum analyst. "While most of the gasoline market was pricing in the premium associated with the transition to summer-blend gasoline, last week's strength in crude futures prices provided no relief for the rising gas prices.

"Crude and petroleum stocks remain the highest ever recorded in U.S. history," Speer said in a press release. "This oversupply will provide a ceiling for gas prices over the next couple of months as spring refinery maintenance and the summer-blend gasoline transition put upward pressure on prices."

This story was originally published March 7, 2016 at 9:37 AM with the headline "Gas prices edge back up in Bradenton-Sarasota, nationwide ."