Gas prices begin fluctuation as oil prices rise - WRCBtv.com | Chattanooga News, Weather & Sports

Gas prices begin fluctuation as oil prices rise

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CHATTANOOGA, TN (WRCB) -- The American Automobile Association's weekly gas price report showed that gas prices started to fluctuate last week after the cost for a barrel of oil went above $90 and stayed there.

Last week's rise in U.S. employment numbers raised hopes for an increase in fuel demand and pushed oil prices higher as summer approaches.

Gas prices are not expected to spike in the coming weeks.The nation's oil stockpiles rose about 7 million barrels during the last week in April, according to the Energy Information Administration.

"Gas prices moved in both directions last week and are expected to do so again this week. Although pump prices will fluctuate, they're not likely to spike," said Jessica Brady, AAA spokeswoman. "Until there's a significant spike in fuel demand or an unforeseen event occurs that affects supply, gas prices will likely remain relatively stable."

A barrel of oil closed Friday at $95.61 on the New York Mercantile Exchange — $2.61 more than the week prior.

The national average price of regular unleaded gasoline is $3.52, 2 cents more than last week. Georgia's average of $3.41 rose 4 cents from last week, while Tennessee's average of $3.25 decreased 1 cent.

Current and Past Price Averages Regular Unleaded Gasoline
 CurrentWeek AgoMonth AgoYear Ago
National$3.520$3.500$3.625$3.792
Georgia$3.411$3.371$3.485$3.630
Tennessee$3.245$3.255$3.412

$3.593

To locate the best gas prices near your home or office, use Channel 3's Fuel Finder.

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