TAMPA, Fla. - For the first time in 127 days, the national average price for regular unleaded gasoline exceeded $2.50 per gallon on Friday. Sunday’s price of $2.53 per gallon represents an increase of 8 cents per gallon in comparison to last Sunday, and the national average has moved higher for 12 consecutive days.
"Motorists haven't seen prices this high since December," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Unfortunately, oil prices have been trending higher and that keeps upward pressure on the price of gasoline. Prices are likely to continue inching upward approaching the start of the summer driving season, which is not uncommon for this time of year as refineries transition to the more expensive summer-blend gasoline."
Earlier this week, West Texas Intermediate (WTI) finished at its highest price in approximately four months, largely attributed to geopolitical tensions in the Middle East and the declining strength of the U.S. dollar. Market speculators also continue to closely monitor the situation in Yemen, and its potential to cause supply disruptions in the region which could put additional upward pressure on price. At the close of Friday’s formal trading on the NYMEX, WTI settled down 59 cents at $57.15 per barrel.
"The price of oil will continue to be the main force of gas prices as we approach the summer driving season," Jenkins said. "Oil speculators are growing increasingly divided over the long-term future of oil prices. The EIA's forecast for 2015 keeps the average price of oil in its current range of $55 a barrel. Meanwhile, the average price of gasoline remains more than a dollar cheaper than this time last year, and is still not expected to exceed $3 a gallon this year.
In Georgia, the average price of a gallon of gasoline for Sunday was $2.40; a week ago it was $2.33.
