to push upward as the price of crude oil grew to more than $87 a barrel, don’t expect to see too much of an increase in the price of retail gasoline this week, AAA said.
That’s because by April 9, crude oil closed at $84.92 on the New York Mercantile Exchange after peaking at $87 a barrel earlier in the week, and U.S. stockpiles of crude oil are now above 355 million barrels, a sign that demand needs to increase significantly to support its high price.
“Finally, the basic fundamentals of supply and demand are being acknowledged by investors. As crude prices increased throughout the week, investors realized there was too little demand and too much supply to support such a price,” said Jessica Brady, AAA spokeswoman. “Although, the price of crude closed five cents higher than last week, we shouldn’t see too much of an increase in the price of retail gasoline, and we could actually see retail prices decline.”
The national average price of unleaded regular gasoline is $2.86 per gallon, up 4 cents from last week. Florida’s average price is $2.88 per gallon, also a 4-cent increase.
In metro Orlando, a gallon of self-serve regular currently averages $2.82, also up 4 cents from a week ago.
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