Gas prices rise amid hurricane Milton's impact on infrastructure

Banking & Financial Services
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Marshall L. Doney President and CEO | AAA, FL

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The national average price for a gallon of gasoline has increased by two cents to $3.21 over the past week. This rise comes as several regions across the United States are dealing with significant storm damage caused by Hurricane Milton. Although similar to Hurricane Helene, Milton is not expected to severely impact national gasoline supplies, it will likely affect demand in areas where infrastructure has been destroyed, roads are flooded, and power outages persist.

Internationally, ongoing tensions between Iran and Israel have contributed to fluctuations in oil prices. However, these tensions have not resulted in a consistent upward trend.

Andrew Gross, spokesperson for AAA, commented on the situation: "All this terrible weather lately could cause regional prices to rise as drivers flock to the few open stations with gas." He added that once roads are cleared and power is restored, gas stations should be able to replenish their supplies. Therefore, any increase in prices is expected to be temporary.

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