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AAA: Gas prices likely to go higher

By Maria-Jose Subiria

msubiria@news-daily.com

Georgia's average price for regular unleaded gasoline increased by 9 cents from last week, with a price of $2.684 per gallon, compared to $2.596 the week before, according to a spokesperson for AAA (American Automobile Association) Auto Club South.

Jessica Brady added that the national average for regular gasoline also increased, to $2.802, from last week's price of $2.711.

"We're in a bull market [for crude oil] right now, and it's likely we will see the price of crude trade between $75 and $85 for the remainder of the month," said Brady, in a prepared statement. "Retail gas prices will move higher this week in response to crude's price increase."

Last week, continued Brady, the price of crude oil increased by $1.08, and settled, on Oct. 8, at $82.66 a barrel, on the New York Mercantile Exchange.

"Although the dollar made minimal gains against the euro, it wasn't enough to help push the price of crude lower," she said.

Brady said the cause of the crude-oil price increase was speculation by investors that the Federal Reserve would buy more U.S. debt, in an effort to upgrade the economy and keep rates low.

This news derived from U.S. Department of Labor reports, Brady said, which showed that more jobs were cut, and U.S. jobless claims increased more than was expected in September.