Investors rallied last week to give the price of crude oil an upward push as the summer months near an end and before the U.S. switches to a less expensive blend of fuel. Crude oil settled Friday at $80.70 a barrel on the New York Mercantile Exchange, $1.75 more than last week.
However, economic news continues to be a strong influence on the price of crude oil. In recent reports, the U.S. Labor Department showed private payrolls rose less than expected in June and July. U.S. stockpiles of crude have increased so far this month, according to the Energy Department-a good indicator demand is slowing.
"The bleak economic reports are a good indicator the price of crude oil may decline next week, since fewer jobs are being created and demand is slowing," said Jessica Brady, manager, AAA Public Relations. "Consumers will see fuel prices rise a few cents this week in response to the slight price increase of crude oil."
The national average price of unleaded regular gasoline is $2.77 per gallon, 4 cents more than last week. Florida's average price is 5 cents more than last week at $2.73 per gallon. Georgia's average price of $2.65 and Tennessee's average price of $2.61 both reflect a 4-cent increase from last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $2.776 $2.737 $2.713 $2.638
Florida: $2.732 $2.683 $2.651 $2.605
Georgia: $2.659 $2.613 $2.589 $2.481
Tennessee: $2.614 $2.571 $2.544 $2.468
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.
How much are you paying for gasoline taxes in Florida/Georgia/Tennessee? Use this link: www.aaasouth.com/acs_news/gas_taxes.asp to find out.