Gas prices reach highest price since July

by AAA

alt


The national average price for a gallon of regular unleaded gasoline increased for the 20th straight day on Sunday. The current price of $3.64 is the highest since July.

"The demand for gasoline is driving up the price of oil, which in turn, is pumping up the price of gasoline," said Mark Jenkins, spokesman, AAA – The Auto Club Group. "Prices are expected to keep rising in the near future due to unexpectedly lower supplies and rising demand."

Gasoline demand is at its highest level since January, according to the Energy Information Administration. Meanwhile, consumer confidence is at its highest since July. These factors pushed the price of oil last Friday, to its highest price on the NYMEX in five weeks.

"When consumer confidence is up, the price of oil often follows, because speculators believe more people will be buying gasoline," said Jenkins. "Meanwhile, refineries that reduced their output during maintenance season are working to return to full capacity. This supply shortage, coupled with the switch to the more expensive summer-blend fuel, are typical factors that result in higher gas prices this time of year."

The EIA released its summer forecast this week, predicting that retail prices would average $3.57 per gallon during the summer driving season, once cent cheaper than last year. This projection falls within AAA's forecast that prices would peak between $3.55 and $3.75 this spring.https://us.vocuspr.com/Main.aspx?Entity=Home&LanguageID=1033

Sunday's national average for a gallon of regular unleaded gasoline is $3.64, 6 cents more than last week. Florida's average of $3.72 rose 5 cents from last week. Georgia's average of $3.58 and Tennessee's average of $3.48 both jumped 7 cents from last week. Visit AAA's Daily Fuel Gauge Report to find daily national, state, and local metro market retail gasoline prices.



More Local

Southern Literary Trail

Plans in works at Moreland stops

Carol Chancey is hoping visitors will come to Moreland as part of a passport program promoting sites on the Southern Literary Trail. The tra ... Read More


Old Grizzard museum to become tourist stop

The old commercial building at the north end of Moreland has had many lives – as a bus station, general store and in recent years as t ... Read More


River cleanup nets 471 pounds of trash

Volunteers pulled 471 pounds of trash from the section of the Chattahoochee River that runs in front of Chattahoochee State Park last week d ... Read More


Yard sales remain big part of Labor Day weekend

There may not be a Powers’ Crossroads festival this weekend, but that doesn’t mean there is a shortage of shopping options. On F ... Read More


Newnan receives GFOA award 25th year in row

The Government Finance Officers Association of the United States and Canada has awarded Newnan its distinguished budget presentation award f ... Read More

Mom and daughter get first look at Hall of Fame

Kim Coggin of Newnan recently wrote a 250-word essay on her passion for college football and submitted it for a contest. She wrote the essay ... Read More