Oil prices remain relatively stable, although expensive; the stability has helped keep pump prices from spiking as initially forecast.
Currently, equal pressures weigh on the market such as the Labor Department’s report of fewer jobs being added in July than expected.
Along with increased tensions in the Middle East and North Africa with the worldwide travel alert have the market on edge and could cause fuel prices to spike should violence escalate in the region.
Avery Ash, AAA’s Manager of Regulatory Affairs says AAA is standing by its prediction of higher prices.
“Due to the potential for late summer hurricanes and accompanying refinery problems, these types of problems can disrupt production, distribution, and supply at a time when many Americans are filling up their tanks for summer travel”, said Ash.
He does say there is some hope that prices may not increase.
“If no major hurricanes threaten the gulf coast and refiners continue to run smoothly heading into the transition into winter blend gasoline, prices could remain flat, or decline even further”, said Ash.
The national average price of regular unleaded gasoline is $3.61, 2 cents less than last week.
Georgia’s average of $3.50 remains unchanged.
According to Motortrend.com, the low retail price for gasoline in Elbert County is $3.19; down 4 cents from last week.