Monday, August 13, 2012

Gas climbs another eight cents; prices about equal to a year ago

Media release: Retail gas prices jumped again as last minute travelers close out the summer driving season. Gas prices in the Southeast reached year-ago levels and the national average for regular retail gasoline is 8 cents more than a year ago today.

Last week an unexpected refinery fire in California and a pipeline leak in the Midwest caused retail gas prices to spike. In addition, the price of crude oil continues to trade at more than $90 a barrel.

"So much occurred in the last couple of weeks that has led to current pump prices," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Elevated oil prices, domestic supply disruptions, tropical storms and more have led to the spike at the pump and it looks as though prices will continue to increase throughout the month. Hopefully, retail prices will drop after the Labor Day holiday when demand tends to fall and we switch to a cheaper fuel blend."

A barrel of oil settled Friday at $92.87 on the New York Mercantile Exchange—$1.47 more than the week prior.

The national average price of regular unleaded gasoline is $3.69, an 8-cent increase from a week ago today. Tennessee's average of $3.47 also increased 8 cents from last week. Florida's average of $3.64 jump 11 cents and Georgia's average of $3.57 rose 9 cents from last week, respectively. Visit AAA's Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.


Regular Unleaded Gasoline

                                Current                  Week Ago             Month Ago           Year Ago

National:                                 $3.692                         $3.610             $3.388                 $3.606

Florida:                                    $3.636                         $3.534             $3.285                 $3.627

Georgia:                                   $3.573                         $3.483             $3.261                 $3.581

Tennessee:                              $3.470                        $3.392             $3.118                 $3.496

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