Daytona Beach, FL – A small surge in crude oil prices leads to a small surge at your local gasoline station.
The latest AAA Fuel Gauge Report shows the price for a gallon of regular unleaded went up 5 cents in Florida over the past week to $2.14. In Daytona Beach, the price of a gallon of regular unleaded went up 6 cents to $2.13.
AAA spokesman Mark Jenkins says the price of a barrel of crude oil went up $4.70 since October 27th and it now seems to be going down again after peaking at $47.90 on November 3rd.
“This is one of what should be very few speed bumps in the road to lower gas prices as we close out the year,” Jenkins added. “Gas prices are forecast to remain low the rest of the year, but at their current lows, pump prices are vulnerable to modest fluctuations in the price of oil, which influences about 2/3rds the price of gasoline.”
Every $1 shift in oil prices typically brings a 2.4 cent shift in gasoline, according to Jenkins.
“The fact that oil prices slipped back below $45 a barrel means gas prices should start sliding again,” said Jenkins. “But it could take a few days before the downward shift resumes, as gas prices are not usually as fast to respond to falling oil prices as they are to rising ones.”
Florida Gas Prices.com expects gas prices to fall at least another 10 to 20 cents before Christmas, according to spokesman Patrick De Haan.
Copyright 2015 Southern Stone Communications.