PALM BAY, Florida – Gas prices in areas of Brevard County will rise this week after analysts reveal a trend that’s fueling a spike to oil prices on Monday, not seen since June 2015.
It was just last week when we announced lower gas prices by AAA, which was to continue until the end of the year.
But with the Thanksgiving travel season ahead, consumers will see an increase of 5 to 10 cents per gallon in areas of Palm Bay, Melbourne, and West Melbourne.
Gas prices usually tick downward this time of year, but part of the blame is that the U.S. benchmark crude oil is increasing with rising demand.
Some analysts say that the gas prices will feel a little strange because consumers have become accustomed to watching the drop this time of year.
The average price for a gallon of gasoline in Florida was $2.40 on Monday, which is unchanged compared to a week earlier. Last year, Brevard County residents were paying $2.20.
AAA reports that Americans consumed an average 9.45 million barrels of gasoline per day in October, which is the highest for that month since 2006.
But there is good news on the horizon.
AAA spokesman Mark Jenkins said he doesn’t see the trend continuing through the holiday season when gas prices are expected to drop below $2 per gallon in Brevard County.
“Drivers are seeing pump prices increase in some markets, due to higher demand and falling supply levels,” Jenkins said. “It would not be a surprise to see gas prices rise 5-10 cents this week, since wholesale prices rose an average of 7 cents last week. However, long-term fall gasoline demand is expected to drop in November, which should prevent any significant spike in gas prices before the end of the year.”
As of Monday, Florida’s gas prices were still below the national average.
The cheapest place to find gas in Palm Bay is for $2.29 a gallon at the Marathon on Port Malabar Blvd., and the BP on S. Babcock St.
Melbourne has gas even cheaper for $2.24 at the Speedway on Babcock St. and W. Florida Ave. Sam’s Club is also matching that price on New Haven Ave. and I-95.
Subscribe to our Palm Bay Newsletter to find out what's going on around Indian River County.
Copyright 2018 PalmBayDaily.com All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.