The increase in the average price of a gallon of unleaded, regular gasoline in Georgia, this week over last week, was so small, that it is not likely to slow the state’s motorists down at all.
According to Jessica Brady, a spokeswoman for AAA’s The Auto Club Group, the Peach State’s average price is currently $3.20 a gallon, a one-cent increase from the week before.
Florida’s average price is $3.29 a gallon, and Tennessee’s is $3.09 a gallon, she said. Both states also experienced a penny increase from the week prior.
Nationally, however, she said, the average price actually decreased one cent from the week before, and is $3.26 a gallon.
“It’s unlikely we will see pump prices increase much, if at all, this week,” said Brady. “A lot is happening around the globe that is putting both upward and downward pressure on oil prices, making it hard for any consistent trending in the market.”
Attempts by the European Union, the United States, the United Kingdom and Canada, to put pressure on Iran’s nuclear program is causing tension between the countries, and has pushed crude oil prices to $100 a barrel in the last two weeks, she said. The goal of the western nations, she said, is to make it difficult for Iranian leaders to get payment for their oil exports, in order to reduce funds, so the country can’t keep its nuclear program alive.
On Dec. 9, crude oil settled at $99.41 a barrel on the New York Mercantile Exchange, a decline of $1.55 from the week prior.
Unfavorable news for investors came from the U.S. Department of Energy and included the fact that both crude oil and fuel inventories rose during the week of Nov. 27, said Brady. Stockpiles of crude oil rose from 1.3 million barrels, to 336 million barrels — a 10-week high.
Gasoline demand, she said, remains weakened with supplies rising by 5 million barrels, to 215 million, the highest level since July 29.