AAA Says Hurricane Michael Shouldn't Affect Florida Gas Prices
Michael became a hurricane Monday morning and is expected to strengthen before striking the Florida Panhandle later this week.
However, AAA does not currently expect the storm to have a direct impact on gasoline supplies or prices at the pump in Florida.
Hurricane Michael's current projected path directs the storm east of most oil drilling rigs and refineries along the Gulf Coast.
Travel company AAA says this means shutting down drilling, which would cause prices to rise, is unlikely.
Also, a state of emergency is in effect for 35 Florida counties, limiting the amount a retailer can raise the price on commodities like gas.
If there is a “gross disparity” between the current price and what the retailer charged during a 30-day period prior to the storm, it is considered “price gouging” and should be reported to the Attorney General’s office via the Price Gouging Hotline at 1-866-966-7226 or online at http://myfloridalegal.com.
During the past 30 days, Florida’s average price for a gallon of gasoline ranged from $2.72 to $2.82 per gallon.
AAA reports that as of Monday afternoon, oil and gasoline prices are trending lower on the NYMEX. Oil is trading below $74, down $2.50 from the highs seen last week. Meanwhile, RBOB gasoline is 5 cents less than last week’s high.