Government reopened, and gas prices spiked
Published: Monday, October 21, 2013 at 11:11 a.m.
Last Modified: Monday, October 21, 2013 at 11:11 a.m.
Retail gas prices moved higher last week after the federal government struck a deal to reopen and to raise the debt ceiling.
Average price for a gallon of regular gasoline
Week earlier: $3.343
Month earlier: $3.486
Year earlier: $3.676
Week earlier: $3.288
Month earlier: $3.419
Year earlier: $3.636
A slight bump in gas prices resulted, but experts say it should subside.
"Many motorists saw pump prices bottom out near $3 a gallon last week, only to jump upwards of 15 cents overnight after the government shutdown ended," Jessica Brady, AAA spokeswoman with The Auto Club Group, said in a media release. "The uptick in gas prices is likely to be short term and motorists may see them head back down as we close out the month of October. Aside from the government reopening, there aren't many other factors placing upward pressure on prices."
U.S. fuel inventories jumped 6 million barrels during the second week of October, a sign demand has not picked up, according to the American Petroleum Institute.
The cost for a barrel of oil closed last Friday at $100.81 on the NYMEX — $1.21 less than the week prior.
The national average price of regular unleaded gasoline is $3.35, about 1 cent more than last week. Florida's average of $3.33 rose 4 cents.
In Gainesville, the average price of a gallon of gasoline on Monday was $3.41, up 3 cents from last week, according to the crowd-sourcing website www.GasBuddy.com. Prices ranged from $3.31 to $3.59.