Georgia gas prices up another 3 cents a gallon; 44 cents more than a year ago

Media release: Bullish news continues to dominate the market causing both oil and retail gas prices to increase. The national average price for a gallon of regular retail gasoline surpassed $3.40 for the first time since November 16, 2011. Pump prices jumped again after news that multiple refineries across the U.S. shutdown, causing gas output to decrease by 2.8 percent last week to 8.5 million barrels a day, the lowest level since February 2010, according to the Energy Department. During the same time, U.S. gasoline inventories fell by nearly 400,000 barrels, when they were forecast to increase by 2 million barrels. This is the first decline in gas inventories in a month as demand rose to 8.1 million barrels a day.

Talks Greece will make a deal to resolve their debt issues and the European Union's (EU) announcement to enact sanctions on Iran beginning July 1, also caused oil prices to increase. Iran is still threatening to block the Strait of Hormuz, which transports one-fifth of the world's oil supply, if the EU begins to implement the sanctions. The price of a barrel of oil closed Friday at $99.56 on the New York Mercantile Exchange--$1.10 more than the week prior.

"Although oil prices remain near $100 a barrel, retail gas prices continue to rise at a steady pace," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Concerns of dwindling supplies from refinery shutdowns in the U.S., at a time when gas demand is starting to improve, are driving pump prices higher. Consumers are likely to see gas prices increase again this week."

The national average price of regular unleaded gasoline remains unchanged from last week at $3.41 per gallon, 3 cents more than last week. Florida's average price of $3.54 increased 6 cents, while Tennessee's average price of $3.32 rose 5 cents. Georgia's average price of $3.43 reflects a 3-cent increase from last week, respectively.  

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

                        Current              Week Ago         Month Ago        Year Ago

National:           $3.419              $3.385              $3.269              $3.101

Florida:             $3.543              $3.480              $3.311              $3.117

Georgia:           $3.438              $3.409              $3.208              $2.997

Tennessee:       $3.324             $3.278              $3.131              $2.947

AAA's Daily Fuel Gauge Report (fuelgaugereport.com) is updated each day and is the most comprehensive; reflecting actual prices from credit card transactions within the past 24 hours at two-thirds (100,000 stations) of the gasoline stations in the U.S. Its accuracy is unparalleled.