Look for gasoline prices to soon rise in the greater Jacksonville area.
The price of crude oil increased again last week as investor optimism rose after reports showed an increase in demand for both foreign and domestic heating oil. Crude oil closed Thursday on the shortened trading week at $91.51 a barrel on the New York Mercantile Exchange—$3.49 more than last week.
Investor optimism rose last week on speculation demand for heating oil will rise after a heavy snow in France and a cold start to winter in the U.S. In addition, foreign economies in India and China continue to grow increasing the demand for oil.
“As expected, the price of oil rose last week and gas prices will rise again this week. This is the first time regular gasoline has reached $3 a gallon since October 2008. Growing foreign economies, increased need for heating oil, coupled with recent reports showing consumer sentiment in the U.S. is on the rise have investor optimism at a two-year high, thus increasing the price of oil,” said Jessica Brady, manager, AAA Public Relations.
“While gas prices will increase this week, consumers may see a slight decline in price after the first of the year, since demand for oil typically decreases once the holiday season passes.”
The national average price of unleaded regular gasoline is $3.04 per gallon, up 6 cents from last week. Florida’s average price of $3.06 increased 7 cents from last week. Georgia’s average price of $2.95 increased 8 cents from last week.