Since July 4, motorists have seen prices at the pump increase after a steady two-month decline.
Upward pressure on the market pushed oil to close at its highest settlement since May. A barrel of oil settled Friday at $91.44 on the New York Mercantile Exchange—$4.34 more than the week prior. Rising tensions in the Mideast coupled with a decrease in both gasoline inventories and oil supplies have kept prices elevated.
"Motorists will likely see gas prices increase throughout the month as tensions with Iran continue to create concern of a disruption in global oil supply,” said Jessica Brady, AAA spokeswoman, The Auto Club Group. “Although the national average climbed 14 cents since July 1, prices are still about 50 cents less than the peak price of $3.94 in April.”
The national average price of regular unleaded gasoline is $3.47, 7 cents more than last week. Florida’s average of $3.40 and Georgia’s average price of $3.36 increased 10 cents from last week. While Tennessee’s state average of $3.22 rose 9 cents from last week, respectively. Visit AAA’s Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.
Current and past gas price averages: National: