Both the price of oil and retail gasoline increased again last week. Motorists now pay more for a gallon of gas than they did this time last summer.
Threats of violence continue to cause concerns of a supply disruption in the Middle East. Tensions between Iran, Israel and the U.S. escalated last week, resulting in higher oil prices. A larger than expected increase in consumer sentiment reported by the Thomson Reuters/University of Michigan index also led to the increase in oil prices. A barrel of oil settled Friday at $96.01 on the New York Mercantile Exchange — $3.14 more than the week prior.
"Last minute summer travelers will need to increase their transportation budget, since gas prices are forecast to rise throughout the month," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Motorists have seen gas prices climb since July 1, and are now paying more for a gallon than they did this time last year."
The national average price of regular unleaded gasoline is $3.72, a 3-cent increase from a week ago today. Tennessee’s average of $3.50 also increased 3 cents from last week. Florida’s average of $3.66 rose 2 cents, while Georgia’s average of $3.64 jumped 7 cents from last week, respectively. Visit AAA’s Daily Fuel Gauge Report (http://fuelgaugereport.aaa.com/) 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: $3.720 $3.692 $3.447 $3.585
Florida: $3.659 $3.636 $3.369 $3.580
Georgia: $3.643 $3.573 $3.333 $3.522
Tennessee: $3.496 $3.470 $3.199 $3.445