"Concern and fear are driving the market at this time and pushing oil prices to nearly $110 a barrel resulting in record-breaking pump prices for this time of year," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "This is happening at a time when reports show a slow, but steady global economic recovery. However, the increased cost of gas could have a negative impact on the economic turnaround as it eats in to more consumers' disposable income. Unfortunately, we're not expected to see relief at the pump anytime soon, instead prices are expected to increase well into spring and summer."
The price of a barrel of oil closed Friday at $109.77 on the New York Mercantile Exchange--$6.53 more than the week prior. This is the highest settlement since May of last year.
The national average price of regular unleaded gasoline is $3.68, a 13-cent increase from last week. Florida's average of $3.74 increased 7 cents and Tennessee's average of $3.56 increased 8 cents from last week. Georgia's average price of $3.65 jumped 11 cents from last week, respectively. Visit AAA's Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.688 $3.556 $3.389 $3.333
Florida: $3.749 $3.672 $3.520 $3.355
Georgia: $3.654 $3.547 $3.413 $3.255
Tennessee: $3.561 $3.488 $3.295 $3.215
No comments:
Post a Comment