Multiple factors pushed a barrel of oil to settle at its highest price since April. As a result, retail gas prices are expected to follow suit with an increase at the pump. A barrel of oil settled Friday at $99, which is $2.58 more than the week prior.
According to AAA’s Manager of Regulatory Affairs Avery Ash, oil prices have risen due to news from the Federal Reserve.
“Rising crude oil prices last week also made gasoline prices increase. Crude oil prices rose again last week after last Thursday’s announcement of a third round of Quantitative easing from the Federal Reserve”, said Ash. “This so called QE3 is designed to stimulate the sluggish US economy through the injection of newly created US dollars.”
AAA Spokeswoman Jessica Brady said, “Unfortunately, it doesn’t look like motorists will see much of a decrease, if any, at the pump, as initially expected this time of year. Instead, gas prices are likely to increase.”
The national average price of regular unleaded gasoline is $3.86, 3 cents more than last week. Georgia’s average of $3.77 fell 4 cents from last week, respectively.
According to Motortend.com the lowest price for regular unleaded gasoline in Elbert County is $3.59 a gallon. In Wilkes County, the low price for regular unleaded is $3.69.