TAMPA, Fla. (July 15, 2012) — As expected, the price of both oil and retail gasoline increased from last week, however gains at the pump were minimal compared to the initial spike motorists saw in the first week of July.

Speculation China will make efforts to stimulate its slowing economy and tightened sanctions against Iran pushed the price of crude oil to settle Friday at $87.10 a barrel—$2.65 more than the week prior.

"The market is still in a balancing act with slow economic growth and tensions with Iran keeping equal pressure on the market," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Retail gas prices are likely to inch up again this week, a trend motorists could see continue throughout the month."

The national average price of regular unleaded gasoline is $3.40, 2 cents more than last week. Florida’s average of $3.30 and Tennessee’s average price of $3.13 increased 4 cents from last week. While Georgia’s state average of $3.27 rose 6 cents from last week, respectively. Visit AAA’s Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.

Current and past gas price averages: National: Current-$3.396

Last week-$3.381

Last month-$3.524

Last year-$3.667

Florida:

Current-$3.297

Last week-$3.263

Last month-$3.339

Last year-$3.659

Georgia:

Current-$3.265

Last week-$3.211

Last month-$3.279

Last year-$3.661

Tennessee:

Current-$3.130

Last week-$3.089

Last month-$3.186

Last year-$3.527