AAA: GAS PRICES ON THE RISE INTO 2014
Retail gas prices are expected to move higher this week and into the New Year as the price for a barrel of oil rose to more than $100 last week due to multiple factors, according to AAA, The Auto Club Group.
Oil prices jumped to $100 for the first time in two months after a government report revealed that supplies for oil, gasoline, and heating oil fell as demand increased. Crude inventories decreased by 4.8 million barrels, according to the Energy Information Administration. At the same time, US refineries are operating at 93 percent capacity, the most since July. The value of the Euro gained 1.5 percent on the dollar, increasing the appeal of crude oil as a commodity and helping to push prices higher.
AAA spokeswoman Jessica Brady states, “There’s a lot of upward momentum on oil prices right now and it’s expected to continue into January. The jump in crude prices means more expensive gasoline. The increased demand is taken as a sign the economy is improving and fuels optimism that the growth will continue in the new year. Motorists will see gas prices increase for the next few weeks, before relief is in sight.”
The national average for a gallon of regular, unleaded gasoline is $3.31, seven cents more than last week. Georgia’s average of $3.21 increased three cents from last week.
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