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AAA: Gas prices hover at 6-month highs

By AccessWDUN Staff
Posted 9:55AM on Monday 9th May 2016 ( 8 years ago )

Motorists saw very little shift in prices at the pump last week as oil prices seemed to stabilize. Gas prices are hovering at their highest levels in more than six months, and the national average has remained above $2 per gallon for 46 consecutive days. Sunday prices averaged $2.21 both nationwide and in Florida, $2.19 in Georgia, and $2.07 in Tennessee. 

"Gasoline demand continues to break seasonal records as low prices motivate people to drive more," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Refineries have ramped-up production to meet the increased demand, which helps to balance prices at the pump. Volatility in both gas and oil prices are expected in the short term, but barring any unforeseen price spikes or fuel shortages, gas prices should peak within the next month or two, like they did last year."

Global oil prices spent much of the week responding to factors capable of influencing supply. Reports that Iran may have reached pre-sanction levels of production revived concerns of global oversupply, which may overshadow production concerns. Despite falling U.S. rig counts and weekly decreases in U.S. production, the domestic crude oil market remains well supplied. The latest data from the U.S. EIA shows an increase in both crude oil inventories and gasoline inventories, which should help offset growing demand and keep pump prices relatively low.

Fuel Statistics

Consumer Attitudes

The lower price environment for gas prices has not only led to drivers taking to the roads at record levels, but is also shifting attitudes about various price points. Attitudes towards gas prices have changed significantly over the past few years, according to a new survey by AAA:

 

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