Libyan crisis pushes gas prices higher in Palm Beach County

By Palm Beach Business.com

DELRAY BEACH — In case you haven’t noticed, it’s gotten a lot more expensive to fill up your car over the past couple of weeks. Question is whether there’s any relief in sight or will prices continue to rise as driving season approaches.

The U.S. Energy Information Administrations reported that prices rose 19.4 cents over the past week and 28.2 cents over the past month as the unrest in the Middle East continues. The national average price for a gallon of regular now stands at $3.833.

In Florida, the increase has been a bit sharper, up 24.9 cents over the past week and 28.5 cents over the month to $3.383 a gallon.

As usual, Palm Beach county has the most expensive gasoline in the state, averaging $3.486 up 25 cents over the week and 29 cents over the month. Broward averages $3.44 a gallon, up 25.6 cents over the week.

Disruptions in Libya’s oil production caused oil to spike during the week. According to reports, Libyan production is about half its normal level. Saudi Arabia has stepped up production to close the gap, but Saudi oil isn’t the same quality as Libyan crude.

Still, investors and other stakeholders in the oil industry are concerned the unrest and turmoil in the Mideast could spread to neighboring countries and further affect oil supply.

"Oil and retail gas prices are forecast to rise again this week as the unrest continues in the Mideast," said Jessica Brady, spokesperson, AAA Auto Club South. "It's uncertain how the turn of events in the Mideast will unfold and therefore hard to forecast how retail gas prices will be affected; whether they will continue to rise or if consumers can expect a break anytime soon."

Crude oil fell 91 cents to $96.84 a barrel.