If you are hoping for lower gas prices soon, you are out of luck. This week, national gas prices increased for the sixth consecutive week. The national average price is around $2.61 a gallon. In February of 2016, the national average dropped to a staggering low of around $1.70 and this time last year, prices hovered around $2.40, in comparison to now. According to AAA, “Strong demand coupled with steadily rising oil prices means filling up will continue to cost consumers more this month. In fact, the last time the national gas price average was this high, but under $3/gallon in February was in 2010.”
Florida saw an increase of 16 cents from January, the 8th highest monthly jump in the country. Unfortunately for Floridians, we are one of 2 states in the south and southeast (Florida and Georgia) that are above $2.43. According to AAA, crude oil growth might give the market some stagnation as it assesses the impact of OPEC’s smaller production load in the long-term. The U.S. and other countries have seen production grow internally, allowing them to export more, while OPEC reduces production.
2018 started with the most expensive gas prices since 2014, “Since 2014, gas prices decreased as much as 20 cents in the first three weeks of the year. This year, gas prices are five cents more than on January 1 of this year, a possible indication that prices in 2018 will likely be more expensive than last year.” Apps like “GassBuddy” can help you find the cheapest gas prices in your area and help you calculate the cost of a trip.
Are you finding yourself drive less as gas prices rise? Does the increase in gas prices affect where and when you choose to go places? Do these increases make you think of buying a more energy-efficient vehicle such as a hybrid or electric car? Let us know how you are dealing with the upward trends of gas prices.