Last week, U.S. stockpiles of crude oil unexpectedly climbed by 3 million barrels to the highest level in 13 years—a sign of weak demand. In addition, demand for new houses in the U.S. also dropped unexpectedly in June with purchases at their weakest since January. Despite the lackluster demand numbers and eased tensions with Iran, speculators continue to keep upward pressure on oil prices in hopes European leaders will take measures to stimulate demand.
“Motorists may see some stability at the pump as we enter August. Although gas prices will likely inch up this week, we shouldn’t see prices spike like they did during the first half of the month,” said Jessica Brady, AAA spokeswoman, The Auto Club Group.
A barrel of oil settled Friday at $90.13 on the New York Mercantile Exchange—$1.31 less than the week prior.
The national average price of regular unleaded gasoline is $3.49, a 2 cent increase from last week. Florida’s average of $3.42 also increased 2 cents from last week. While Georgia’s average price of $3.40 increased 4 cents and Tennessee’s state average of $3.28 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: