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

Paramount Hospitality wins 2015 Small Business Award

Paramount Hospitality won the overall 2015 Small Business of the Year Award from the Newnan-Coweta Chamber of Commerce. Besides the overall ... Read More


Man accused of raping teenager

A 26-year-old man suspected of raping a teenage girl was arrested Aug. 14 following an investigation by the Newnan Police Department. The 16 ... Read More


Gas station robbed

Newnan police are on the lookout for a man who robbed the Marathon Gas Station on Hwy 34 early Friday. Around 6:50 a.m., a male wearing a ba ... Read More


Safes stolen in Ashley Park burglary

Two safes were stolen from an Ashley Park office following a pre-dawn burglary on Friday. At 2:58 a.m., officers responded to Ashley Furnitu ... Read More


Three Rivers at odds over quorum issues

The Three Rivers Regional Council has a problem – an attendance problem. The board – comprised of appointed and elected communit ... Read More

County launches text-911 service

Beginning Sept. 1, most citizens in Coweta County will be able to send a short message service (SMS) or text message to 911 for emergency he ... Read More