Gas prices in Bradenton-Sarasota inch up again, remain below national average

MANATEE -- Average retail gasoline prices in the Bradenton-Sarasota area have risen 0.7 cents per gallon in the past week, averaging $2.01 a gallon, according to GasBuddy.com's daily survey of 308 area gas outlets. This compares with the national average that has increased 6.9 cents per gallon in the last week to $2.11 a gallon.

Prices are 46.9 cents per gallon lower than the same day one year ago, and are 0.6 cents per gallon higher than a month ago. The national average has increased 13.7 cents per gallon during the last month and stands 33.0 cents per gallon lower than this day one year ago, according to the website.

Statewide, prices averaged $2.05 a gall, up 1.6 cents per gallon from last week's $2.04 a gallon. Nationally, motorists are paying $2.11 per gallon, up 7 cents from last week and the highest price at the pump since November, according to AAA.

"Gasoline prices increased last week in 49 of 50 states, thanks to a sudden jump in the price of crude oil tied to speculation of a change or freeze in oil output at this weekend's meeting in Doha, Qatar," said Patrick DeHaan, senior petroleum analyst for GasBuddy. "At the conclusion of the talks over the weekend, no decision was made -- not at all a surprise given the recent disagreements between major players Saudi Arabia and Iran.

The lack of a clear vision to cut or even freeze crude oil production will likely lead to a sharp sell off in oil markets to start the week as global oil production continues to outpace demand, DeHaan said.

"While typically we're used to seeing gasoline prices racing higher in the spring, the direct impact of this weekend's meeting could cause gasoline prices this week to reverse temporarily as oil markets react," he added.

This story was originally published April 18, 2016 at 9:47 AM with the headline "Gas prices in Bradenton-Sarasota inch up again, remain below national average ."