2012-02-02 / Business

Pump prices up 18.3 cents in past month

GAS WATCH

Average retail gasoline prices in Pensacola rose 2.6 cents per gallon in the past week to an average of $3.43 a gallon Sunday. This compared with the national average that increased 4.5 cents to $3.39 a gallon, according to gasoline price Web site PensacolaGasPrices.com.

Including the change in gas prices in the Pensacola area during the past week, prices Sunday were 40 cents a gallon higher than a year ago and 18.3 cents a gallon higher than a month ago.

The national average has increased 13.5 cents per gallon during the last month and stands 30.4 cents per gallon higher than one year ago.

“Late last week we saw wholesale gasoline prices rise dramatically on some refinery issues, which leads me to believe that retail gasoline prices will rise in response,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.

“We continue to also watch how Iran responds to EU sanctions. There are some concerns that they might cut oil to the European region before the sanctions are to take effect to cause these countries hardship when they can’t find new sources of oil quickly enough. That could draw crude oil prices higher quickly at a moment’s notice.”

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