Posted: Monday, August 5th 2013 at 8:13am
Gas prices show minimal movement from last week
TAMPA, Fla. - Oil prices remain relatively stable, trading between $104 and $108 a barrel for the past few weeks. Although expensive, the stability has helped keep pump prices from spiking as initially forecast.
Currently, equal pressures weigh on the market which is why both oil and gas prices have fluctuated since the Independence Day holiday. The cost for a barrel of crude dropped near $107 last week after the Labor Department reported fewer jobs were added in July than expected. However the increased tensions in the Mideast and North Africa along with the worldwide travel alert have the market on edge and could cause fuel prices to spike should violence escalate in the region.
"As always, there are multiple factors persuading both oil and gas prices, yet motorists are paying only a few cents difference on average than they did this time last year," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "So far, we haven't seen motorists make extensive behavior changes to their daily routines to save money as a direct result of increased gas prices. Although pump prices have made little movement in the past couple of weeks, there are still many variables that can cause prices to jump on a whim."
The cost for a barrel of oil closed last Friday at $106.94 on the NYMEX — $2.24 more than the week prior.
The national average price of regular unleaded gasoline is $3.61, 2 cents less than last week. Florida’s average of $3.57 is 3 cents less than last week. Georgia’s average of $3.50 remains unchanged. Tennessee’s average of $ 3.38 fell 4 cents from last week. Visit AAA’s Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.
© Copyright 2013 AccessNorthGa.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.