Although gas prices fell again last week, oil prices quickly jumped after government reports showed U.S. jobless claims rose less than forecast.
The news pushed a barrel of oil near $95, only to be countered by more pessimistic news about the economy.
After oil prices spiked, they quickly deflated after the Commerce Department said GDP grew less than expected in the first quarter of the year.
Inventories of crude continue to climb beyond 20-year highs and U.S. oil production remains ample.
According to AAA’s Manager of Regulatory Affairs Avery Ash, gas stations soon will be switching to the more expensive summer blend fuel.
“Gas stations in much of the country must make the retail switch to selling summer blend gasoline by June 1st”, said Ash. “During this switch, regional markets are more susceptible to supply disruptions.”
The national average price of regular unleaded gasoline is $3.50, 2 cents less than last week.
Georgia’s average of $3.37 rose 3 cents from last week respectively.
Gas is up in Elbert County as the low price for retail gas sits at $3.11; in Wilkes County the price is holding steady around $3.33; and in Lincoln County gas is a bit cheaper at $3.29.
Those prices are according to Motortrend.com.