With multiple oil refineries either partially or completely shut down in the Texas area because of the freezing weather, analysts predict we will see a jump in gas prices.
With the supply decrease, prices are expected to soar in the days ahead.
AAA says exactly how high and when the increase will happen largely depends on how long it takes for the refineries to get back online.
“Sometimes it can be a day away or sometimes it can be the following Monday,” said AAA spokesperson Mark Jenkins. “Oftentimes here in Florida we see gas prices rise on Mondays for whatever so if prices are still low on the weekend, that might be a good time to fill up. There’s a good chance on the conservative side to see a 5 to 10 cent increase in the broader sense maybe even 20 cents, it’s hard to say. I think a lot of it has to do with how quickly these refineries can recover from the outages they are experiencing.”
Right now, the average for a gallon of gas in the state of Florida is $2.46 a gallon. In the West Palm Beach-Boca Raton Metro area, it is $2.60 a gallon.
Jenkins says this is the time of year when prices start to increase.
“When you think back to what the price was a month ago to $2.30 or so, and then there begins to be a little bit of a panic whenever you see prices increase 10 cents or so but keep in mind they are still pretty well in line, slightly higher than what we were paying last year,” said Jenkins. “There’s a strong indicator right now that prices could be increasing first and foremost because of the storm moving through Texas, but we’re also heading into a time of year when refineries enter into their maintenance season and people begin to drive more.”