After weeks of decreasing, crude oil and gasoline prices are back on the rise.
The average price for regular unleaded gasoline in Georgia is $3.35 a gallon this week, compared to last week’s price of $3.24, according to Jessica Brady, spokeswoman for AAA Auto Club South.
She said the Peach State experienced an 11-cent bump in less than a week.
Florida’s average price is $3.42 a gallon, Tennessee’s is $3.27 a gallon, while the average price nationally is $3.46 a gallon. All areas of the country saw increases of at least 7 cents, over last week’s prices, she said.
“Retail gas prices already reacted to the two-week jump in oil prices, and reversed the downward momentum reflected in September,” said Brady. “We’re likely to see gas prices continue to increase this week –– unless [crude] oil prices fall.”
She said oil prices were up for the second consecutive week, which has kept a barrel of oil above $80. The increase, she said, was influenced by talks –– involving European leaders and The Group of Twenty Finance Ministers and Central Bank Governors –– about drafting a plan to resolve the European debt crisis.
The plan’s due date is scheduled for the last week of this month. G-20 will review the plan on Nov. 1, she said.
The market reacted to discussions of the plan, and also to reports from the United States Department of Commerce that showed that U.S. retail sales rose 1.1 percent in September, she said.
The reaction caused crude oil to settle at $86.60 a barrel on the New York Mercantile Exchange on Oct. 14, said Brady. This is $3.22 more than last week’s price per barrel.
Brady added that the market has waited for more than a month for positive news, and that news drove oil prices higher. Time will tell if this increase in price is sustainable, she said.