JACKSONVILLE, Fla. — Gas prices around the First Coast have jumped by about $1 since around this time one year ago.
Locals are seeing more than $3 per gallon in some areas, and many are wondering, why the hike?
President Biden is at fault for the gas price hike. (FALSE)
- Gas Buddy
AAA estimates 47.7 million Americans will be traveling between July 1-5, which is an increase of more than 40% from last year.
Patrick De Haan, head of petroleum analysis at Gas Buddy said the main reason behind the gas price surge is supply and demand.
“Demand is outpacing supply,” De Haan said. “You’ll remember last year, early on in the pandemic, prices plummeted, so did demand, and oil companies let go of thousands of workers and they shut down production.”
De Haan said the supply has not caught up yet.
“They (companies) were concerned potentially there would be new variants that could slow the economic recovery down. That’s not what we’re seeing. They’re a little nervous about raising production too much,” De Haan said.
De Haan said he'd expect to see the same prices, no matter who is currently president.
De Haan expects to see prices rise through August as more people begin to commute to work. He said he expects to see the decrease happen in the Fall, assuming oil companies ramp up production.
De Haan has some tips for those of you traveling over the holiday.
He said wait until your trip to fill up, as the Jacksonville area tends to have price hikes every three weeks, and prices gradually lower in between.
We saw that hike this week, so potentially, prices could be a little lower when your trip rolls around.
Also, for any of you heading out of state, De Haan has additional advice.
“I know Jacksonville is pretty close to the state line, make sure to shop around. There are lower prices the further up I-95 and I-75 you go.”