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Gas prices spike in Jacksonville

Gas will cost drivers $1 billion more over Memorial Day weekend Gas prices are expected to reach $2.95 per gallon for unleaded gas over Memorial Day weekend 2018, according to new data from AAA. (Sean Gallup, Getty Images)
(Sean Gallup, Getty Images)

Jacksonville, FL — There has been a spike in the price at the pump in the last couple of days, but relief should be coming soon.

GasBuddy Head of Petroleum Analysis Patrick DeHaan says many Florida cities are experiencing “price cycling”.  This happens when two factors come together. One being that the price of oil is up about $10 from where it was Christmas Eve. The higher price has been met with the second factor, a lot of competition.

“Stations undercut each other very slowly- a couple of pennies every day- meaning prices go down a penny or two per day, to the point where stations are losing money. And that’s when prices all of a sudden jump back up,” DeHaan says.

For the stations that raised prices, DeHaan says you should expect to see the cost-per-gallon on you trickling down once again. He says the cycle will likely continue to repeat though, so you should be patient and time out when you get your next tank.

Despite the spike, the price-per-gallon is still about thirty cents lower right now than this time last year, at $2.19.

DeHaan says gas prices will stay relatively low and around $2-per-gallon for the coming weeks, before things start to climb in to the summer.

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