Retail gas prices remained relatively stable last week as oil prices yo-yoed.
Crude Prices were on an upward path after the positive jobs report, but the price surge came to a halt after the value of the dollar rose against other currencies. Tensions overseas also countered the bearish fundamentals and have helped to keep oil prices elevated.
“Geopolitical tensions and hopeful economic news are keeping fuel prices elevated,” said Jessica Brady, AAA spokeswoman, The Auto Club Group. “Fuel prices should be much lower based on the current state of supply and demand.”
U.S. output of crude oil rose again last week, pushing supplies to an 82-year high, according to the Energy Information Administration. Pump prices will likely continue the up and down price fluctuations as they have since the start of May.
A barrel of oil closed Friday at $96.04 on the New York Mercantile Exchange – 43 cents more than the week prior.
The national average price of regular unleaded gasoline is $3.58, 6 cents more than last week. Florida average of $3.47 rose 4 cents, whereas Georgia’s average of $3.44 increased 2 cents from last week.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.576 $3.520 $3.558 $3.730
Florida: $3.471 $3.427 $3.554 $3.639
Georgia: $3.435 $3.411 $3.426 $3.541
Tennessee: $3.254 $3.245 $3.355 $3.494