Vacation Time: Gas Prices Climb!

Mar 28, 2016 at 06:48 am by bryan


The national average climbed above the $2 benchmark last week for the first time in 83 days. Sunday's average price of $2.04 per gallon represents an increase of 6 cents compared to a week ago. Some discounters in Murfreesboro started the week with $1.77 per gallon regular gas. The national average has increased for 20 days in a row for a total of 23 cents.

Drivers are paying six cents per gallon more than a week ago and while yearly savings persist, they are beginning to dwindle. Sunday's price represents a savings of 39 cents per gallon year-over-year, and $1.50 compared to two years ago.

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"Gas prices keep pushing higher due to upward pressure on crude oil, supply and demand, and refinery maintenance season," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The weekly average price of oil shifted higher by nearly $2 a barrel last week, signaling what could be another 5 cent hike at the pump. Although pump prices should rise more in the coming months, they will likely remain lower than year-ago comparisons."

The weekly average price of crude oil has increased for the past six consecutive weeks. West Texas Intermediate averaged $40.15 a barrel last week, the highest since December 4, 2015. Global oil prices settled as high as $41.45 on Tuesday, but hovered around $39 a barrel for most of last week. The price of crude slid at the end of the week on news that U.S. oil stocks rose by more than 9 million barrels last week. However, prices have seesawed due to expectations of future supply and demand. Market fundamentals continue to point to oversupply and despite the sentiment that prices could rebound, an overall bearish sentiment persists.

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Two Years Ago
National $2.038 $2.036 $1.982 $1.740 $2.427 $3.536
Florida $2.066 $2.065 $2.030 $1.738 $2.495 $3.609
Georgia $1.989 $1.988 $1.939 $1.655 $2.224 $3.385
Tennessee $1.904 $1.899 $1.819 $1.518 $2.145 $3.318
Click here to view current gasoline price averages



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