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Crude oil prices pushing increases at pump

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By RUSSELL RAY | The Tampa Tribune

Published: May 11, 2009

TAMPA - Higher crude oil prices are raising the cost of gasoline in Florida and elsewhere.

Over the past week, the average price for a gallon of regular unleaded in Florida has spiked 15 cents to $2.24, according to AAA's Daily Fuel Gauge Report.

In the Tampa Bay area, motorists are paying $2.20 for a gallon of regular gas, up from $2.06 a month ago, the daily survey showed. A year ago, the same grade of fuel was averaging $3.66 a gallon in the Bay area.

Crude oil closed Friday at $58.63 a barrel on the New York Mercantile Exchange, the highest closing price this year.

The price surge defies the fundamentals of supply and demand, said AAA spokesman Gregg Laskoski, who pointed to a surplus of oil and ample supplies of gasoline.

"But some analysts believe that news last week from the U.S. Department of Labor reporting a decline in unemployment benefit claims points to emerging recovery and growing demand for fuel in the near term," Laskoski said.

Reporter Russell Ray can be reached at (813) 259-7870.

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