News

Actions

Causes of gas price hike explored

Causes of gas price hike explored
Causes of gas price hike explored
Posted at 6:39 AM, May 15, 2018
and last updated 2018-05-15 03:13:59-04

TALLAHASSEE, Fla. (WTXL) - You may have noticed, gas prices are up, hitting levels we haven't seen in almost three years.

According to AAA, gas prices nationwide are up five cents in just a week. That's 20 cents in the last month.

W.D. Williams with AAA Auto Club says there are several reasons for the increase of gas prices.

In addition to the summer blend of gas costing more to produce, Williams says economic pressures at home and political uncertainty in the Middle East are driving the prices up.

"U.S. supplies are down a little," Williams said. "U.S. demand is up. Worldwide demand is up. So those factors are combining. Plus, recent political events evolving Iran could affect the future supply, so that's driving the price up."

Williams adds that gas prices are still well below an amount where people will change or cancel travel plans, instead they're saving money by spending less on other things like hotels and food.

Florida's most expensive gas is unfortunately right here in Tallahassee and in West Palm Beach. The lowest prices are found in Orlando and The Villages.