Cold weather fueling rise in gasoline prices

By Palm Beach Business.com

DELRAY BEACH — The cost of a gallon of gasoline continued to surge over the past week, hitting the $3-a-gallon mark for the first time in more than two years.

The U.S. Energy Information Administration reported Monday that the national average price for a gallon regular reached $3.052, up from $2.982 a week ago and $2.856 a month ago.

In Florida, regular averaged $3.068 a gallon, up from $2.966 a week ago and $2.832 a month ago.

Add a dime in Palm Beach County. AAA’s Fuel Gauge Report has gasoline averaging $3.169 a gallon locally, up from $3.091 a week ago. South County prices were a bit lower.

What’s behind the price surge? CCCCCold, and strengthening economies.

Demand for heating oil pushed crude up $3.49 a barrel last week to $91.51. It fell 51 cents to $91 a barrel on Monday

"As expected, the price of oil rose last week and gas prices will rise again this week. This is the first time regular gasoline has reached $3 a gallon since October of 2008. Growing foreign economies, increased need for heating oil, coupled with recent reports showing consumer sentiment in the U.S. is on the rise have investor optimism at a two-year high, thus increasing the price of oil," said Jessica Brady, manager, AAA public relations. "While gas prices will increase this week, consumers may see a slight decline in price after the first of the year, since demand for oil typically decreases once the holiday season passes."