Fuel Prices Continue to Rise
February 04, 2010
What the data shows: The table shows the current average price per gallon of regular gasoline, the average price a year ago for the same fuel and the annual percentage change in three metro areas of the Gulf Coast (Prices in Punta Gorda and Naples-Marco Island were not available).
What it means: The price of a gallon of regular gasoline has risen substantially over the past year as the economic recovery begins to take hold, but prices are still well below their highs in 2007. For example, in July 2007, the price for a gallon of regular gasoline rose above $4 in every area of the Gulf Coast. Prices for a gallon of regular gasoline in the Tampa Bay region currently are 13 cents less than in Fort Myers and 7 cents less than in Sarasota.
Forecast: The price of a gallon of regular gasoline may rise to $3 or more in late spring when manufacturers switch to summer blends that include more expensive additives, according to AAA Auto Club South. Demand may also push prices as Americans increase the distances they drive for spring and summer holidays. However, prices are sensitive to unpredictable events ranging from the value of the U.S. dollar to supply interruptions. Economists worry that a spike in gasoline prices could threaten the nascent recovery.
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