Gas prices started to fluctuate last week after the cost for a barrel of oil jumped above $90 and has held steady in that price range. Here in the 'Boro some discounters are offering regular gas for $3.09 per gallon.
The recent jump in U.S. employment numbers raised hopes for an increase in fuel demand and pushed oil prices higher as summer approaches. However, it’s unlikely gas prices will spike in the coming weeks. The GDP and overall fuel demand numbers are still down. The nation’s oil stockpiles rose about 7 million barrels during the last week in April, according to the Energy Information Administration.
“Gas prices moved in both directions last week and are expected to do so again this week. Although pump prices will fluctuate, they’re not likely to spike," said Jessica Brady, AAA spokeswoman, The Auto Club Group. “Until there’s a significant spike in fuel demand or an unforeseen event occurs that affects supply, gas prices will likely remain relatively stable.”
A barrel of oil closed Friday at $95.61 on the New York Mercantile Exchange — $2.61 more than the week prior.
The national average price of regular unleaded gasoline is $3.52, 2 cents more than last week. Florida’s average of $3.43 fell 1 cent, while Georgia’s average of $3.41 rose 4 cents from last week. Tennessee’s average of $3.25 decreased 1 cent. It went down a penny in Murfreesboro as well with some local outlets offering regular petro for $3.09 per gallon.