CHATTANOOGA, TN (WRCB) -- Last week, oil prices increased , based on optimism that both European and U.S. economies are improving and fuel may be in higher demand. The cost of oil has been on the rise since the beginning of January, but retail gas prices have stayed relatively stable.
Gas prices have not surpassed year-ago levels, but the cost for a gallon of gas inched back up again this week.
"Oil prices are on an upswing right now and gas prices are starting to follow suit," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Although motorists shouldn't see too much fluctuation in gas prices at the moment, prices are sure to rise in March. So far this year, we have not seen record-breaking pump prices and the cost for a gallon of gas remains below year-ago levels."
A barrel of oil closed Friday at $95.88 on the New York Mercantile Exchange—32 cents more than the week prior.
The national average price of regular unleaded gasoline is $3.347, 3 cents more than last week. Florida's average of $3.42 remains unchanged. Georgia's average of $3.32 rose 2 cents, and Tennessee's average of $3.18 increased 1 cent from last week, respectively.
Friday, May 24 2013 12:05 PM EDT2013-05-24 16:05:40 GMT
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