Newspaper article Sarasota Herald Tribune

Gas Prices Rise 3.3 Cents Overnight in the Region

Newspaper article Sarasota Herald Tribune

Gas Prices Rise 3.3 Cents Overnight in the Region

Article excerpt

FUEL COSTS

OPEC just bit you in the pump.

You can expect some more pain in coming weeks.

The oil-producing cartel's moved to cut production by 1.2 million barrels pushed gas price up about 3 cents overnight. The average price for a gallon of regular in the Bradenton-Sarasota-Venice market was $2.105 on Thursday, up 3.3 cents from the previous day, according to AAA data.

The auto club is predicting prices could rise 10 to 15 cents per gallon in this environment, noting that wholesale gasoline rose 10 cents per gallon on Wednesday, "making it more expensive for retailers to purchase gasoline; a higher cost that is typically passed along to the consumer."

Oil, of course, is the culprit.

West Texas Intermediate, a benchmark crude, was selling for $51.55 per barrel in afternoon trading on Wednesday, up $2.11.

"We usually see declining gas prices in December because of low demand, but this year prices should be more volatile," AAA spokesman Mark Jenkins

said. …

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