Rising oil and gas prices

Gas prices increased for 44 straight days until Friday, when they dipped after oil posted its biggest one-day percentage decline in two years.

That might be enough to stave off $4-a-gallon gas for a while in Southwest Florida, but drivers may still see prices hit that dreaded mark.

Local gas prices have increased more than $1 per gallon in the past year — 21 cents over the month — and some wonder if $4 gas may be inevitable once the summer driving season launches on the Memorial Day weekend.

"If the downward trend in oil prices continues, it could keep the Florida average at bay, around the $3.93-$3.95 marker, and push off that $4 average for a couple of weeks," said Jessica Brady, a spokeswoman with AAA Auto Club South.

Other analysts believe gas has peaked ahead of summer and could retreat to around $3.50 per gallon by June.

The price for regular grade gas averaged $3.94 per gallon Friday in the Bradenton-Sarasota-Venice market, up from $3.73 a month ago and $2.92 last year, AAA reported. Premium has jumped to $4.20, 22 cents more than last month and 97 cents above last year.

Florida's average for regular, the most common grade purchased, was $3.94 per gallon. The U.S. average was $3.98, down a tenth of a cent from the day before.

The price of gas rose every day since March 23 as oil prices soared because of the falling dollar, the Libyan rebellion and oil refinery problems. Seven U.S. refineries shut down last week because of severe weather and power outages.

Prices also typically rise during spring as refineries switch to summer blends, which cost more to produce.

A growing set of market analysts are beginning to suspect oil futures may be over bought, setting the table for an abrupt price correction if the bubble bursts from a more certain supply.

Key events impacting oil prices this week include earnings reports that will provide insight into the state of the U.S. economy, a press conference by Federal Reserve Chairman Ben Bernanke, and continued developments in the oil-producing Middle East and Northern African regions.

The weekly Department of Energy report showed a draw down in domestic crude oil stocks and a ninth consecutive week of decline in the domestic gasoline inventory. Draw downs are not unusual this time of year as suppliers lower stocks leading up to the change-over from winter to summer-blend gasoline.

Nine states have averages for regular unleaded at or above $4 a gallon. Hawaii is most expensive at $4.54 and Wyoming has the cheapest gas at $3.56.