Both the price of oil and retail gasoline increased again last week. As a result, motorists now pay more for a gallon of gas than they did this time last summer.
According to the latest reports from AAA South, Threats of violence continue to cause concerns of a supply disruption in the Middle East. Tensions between Iran, Israel and the U.S. escalated last week, resulting in higher oil prices. A barrel of oil settled Friday at $96.01, which was $3.14 more than the week prior.
Avery Ash, who is the AAA Manager of Regulatory Affairs, said on Monday afternoon that gas prices saw a very slight decrease from Sunday night to Monday morning. Ash said that hopefully that trend will continue.
“Triple A continues to expect that, given current conditions, prices at the pump will decline following Labor Day as the busy summer driving season comes to a close, and the switchover from summer blend to winter blend gasoline takes place.” said Ash.
“Rising gas prices and sanctions against Iran have prompted some to call for a release of oil from the strategic oil reserve. Triple A does not believe that this is an appropriate action at this time.” explained Ash. “The reserve is designed to be a tool to protect American motorists from emergency disruptions to supply and distribution; not as a response to high prices due to non-emergency supply and demand market fundamentals.”
The national average price of regular unleaded gasoline is $3.72, a 3-cent increase from a week ago today. Georgia’s average of $3.64 jumped 7 cents from last week. According to Motortrend.com the lowest price for a gallon of regular unleaded in Elbert County is $3.47, and in Washington the price is $3.57 a gallon.