Gasoline prices still on roller coaster runBy SARAH FAY CAMPBELL
The gasoline price roller coaster ride continues.
Prices started falling in April and began to tick their way back up again in early July. Then, they started to drop ever so slightly last week. Now, they’re on their way back up.
“While most indicators point to lower oil and gas prices, speculation has kept them elevated and on the rise,” said Jessica Brady of AAA, which tracks gas prices.
The week of July 23, “U.S. stockpiles of crude unexpectedly climbed by 3 million barrels to the highest level in 13 years — a sign of weak demand,” Brady said. “In addition, demand for new houses in the U.S. also dropped unexpectedly in June, with purchases at their weakest since January.”
Signs like that should have led to lower gasoline and oil prices, but they didn’t.
“Despite the lackluster demand numbers and eased tensions with Iran, speculators continue to keep upward pressure on oil prices in hopes European leaders will take measures to stimulate demand,” Brady said.
“Motorists may see some stability at the pump as we enter August,” Brady said. “Although gas prices will likely inch up this week, we shouldn’t see prices spike like they did the first half of July,” she said.
On Friday, the Georgia state average price for a gallon of regular unleaded was $3.449, according to Fuelgaugereport.com . That was up from $3.398 a week ago and $3.132 a month ago.
The Atlanta-area average was $3.486, up from $3.454 a week ago and $3.184 a month ago.
Though the average prices are up from last week, some stations in Coweta were still offering regular unleaded at lower prices than a few weeks ago.
In Coweta on Friday, at least four stations were offering regular unleaded for $3.24 a gallon, and two others had it for $3.27, according to Georgiagasprices.com. Plenty of other stations, however, had regular unleaded in the $3.39 to $3.49 range.