Yes, gas prices have shot up in the last week

first_imgAccording to GasBuddy, much of the jump at the pump was fueled by rising oil prices on optimism of a future production cut, which may be led by OPEC. A barrel of West Texas Intermediate crude oil jumped to nearly $48 per barrel while Brent crude oil traded at $50 per barrel. However to start this week, the optimism appears to be fading, with crude oil prices struggling to maintain their recent bull run. In addition, CFTC data showed short interest fading, signaling that there are fewer buyers interested at current prices.Last week’s Energy Information Administration report didn’t help either, showing a combined 5.2 million barrel decline between oil inventories and gasoline inventories. Meanwhile, some refinery issues have crept to the surface out West and in the Midwest. BP’s Whiting, Indiana refinery has been struggling for weeks with a water treatment facility slashing capacity. Problems at a Valero refinery in Wilmington, CA and several malfunctions and fires at Gulf Coast refiners has led to less production in those regions as well, impacting gasoline prices. TAGSGas Prices Previous articleOrlando native meets sailors’ spiritual needsNext articleMagical Dining Month starts tomorrow Dale Fenwick RELATED ARTICLESMORE FROM AUTHOR Share on Facebook Tweet on Twitter The Anatomy of Fear Support conservation and fish with NEW Florida specialty license plate You have entered an incorrect email address! Please enter your email address here Please enter your comment!center_img LEAVE A REPLY Cancel reply After weeks of steady declines gas prices in Florida have returned to their pre-summer levels.  You have seen it at the local pumps and confirms it with this graph: Please enter your name here Free webinar for job seekers on best interview answers, hosted by Goodwill June 11 Save my name, email, and website in this browser for the next time I comment.last_img read more