American Automobi... Other News
Tampa Bay area gas prices could push $3.75 a gallon this summer - 2/29/08
Mar 01, 2008 12:02:53
You just drove to the supermarket to pick up a few things. On the way back, you notice the sign at the neighborhood gas station. Wasn't the price for regular lower just a few minutes ago?
Yes it was. You're not seeing things.
The average cost of unleaded gas in the Bay area went up by 3.2 cents on Wednesday to a little over $3.10. That's 3.2 cents in a single day.
That one-day jump put regular gas 87 cents higher than the same time a year ago, and barely below the all-time record set in November 2007.
Hold on to your wallet, because the experts say there's more to come.
AAA says motorists could be shelling out $3.75 for a gallon of unleaded regular this summer. Others feel $4.00 a gallon is more accurate.
These predictions come during a week of increases in crude oil futures, which fell back on Friday after hitting a record high of just over $103 a barrel, leaving many observers to feel that a base of $98 - $100 a barrel is here to stay.
The magic $100 figure was reached for the first time just this past Wednesday. “While gasoline prices generally follow crude oil price trends, there is usually a lag time before retail gasoline follows crude oil trends. Now, however, we are recording national, state and local price increases at three and four cents per gallon, and many consumers have said their local gas stations are raising prices by 10 cents or higher in a single day,” said Randy Bly, director of community relations for AAA Auto Club South. Oil industry analysts note that this spring's earlier-than-usual price increase is being driven, in part, by investors bidding up the wholesale prices for gas and oil.
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Area, 58,560 sq mi (151,670 sq km).
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