Reporting Tim Kephart
MIAMI (CBSMiami) – Dropping by the gas station to fill up your tank may have you doing a double-take when you see the prices. Gas prices are rising across the Sunshine State and the rest of the nation.
The spike in gas prices came after a spike in oil prices last week amidst optimism on the U.S. economy after July’s job numbers were released. It’s a catch-22 for the American market as the better the jobs numbers are, the more oil prices seem to climb.
Crude oil jumped from $77 in June amidst fears of a global recession to $91 on Monday. As result, gas prices have jumped from $3.35 a month ago to $3.67 as of Monday in Miami, according to AAA. In Fort Lauderdale, prices have risen from $3.33 to $3.68 as of August 6, AAA reported.
Texas tourist Laura Ordoñez couldn’t believe the price in Doral of $3.79 a gallon. She said she only paid $3.15 a gallon in Orlando.
“Well, we definitely have to factor that in next time because we usually think okay, the hotel, the car, and now we have to think gas is a major expense too,” Ordoñez said.
Miami businessman Woodler Henry said the increasing prices are hurting his bottom lines.
“It’s been affecting my budget a lot,” Henry said. “So sometimes, what I’ll do is I will take public transportation one or two days out of the week, probably car pool. And it’s getting to the point where I might just get a scooter.”
Still, prices are still down from where they were a year ago. Last year at this time, regular cost $3.80 in Miami and $3.78 in Fort Lauderdale.
Overall, a gallon of regular unleaded in Florida cost $3.54 a gallon on average. Nationally, the current average is $3.61 a gallon.
But things aren’t all bad on the oil prices front, J.P Morgan Chase analysts said the prices are likely to start to retreat and fall towards $95 a barrel in the coming weeks.
That means prices should start to retreat as school starts back and fall begins.