Since Monday, the national average for a gallon of regular gasoline has increased by twenty-two cents to $4.84, while in Florida prices have jumped to $4.75 per gallon with Osceola County seeing an average of $4.65 per gallon of regular unleaded.
Seven days ago Florida was at $4.57, a month ago it was $4.17 and a year ago it was $2.85.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks have decreased by 700,000 barrels of crude oil to 219 million last week. Meanwhile, gasoline demand as drivers fueled up for Memorial Day weekend travel. These supply and demand dynamics have contributed to rising pump prices.
Our chances of seeing a record-breaking $5 per gallon seems very likely to happen within the next week.