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Gas prices rise 6-10 cents in one week

Staff Reports • Mar 8, 2016 at 2:00 PM

Motorists likely noticed an increase in prices at the pump last week.

Gas prices are following their seasonal upward trend, increasing an average of 6 cents in the past week. The national average rose 11 days in a row – the longest streak of increases since May 2015 – for 11 cents before leveling-out Sunday.

“Shifts in the price of oil, supply and demand and refinery maintenance, are all factors pushing gas prices higher,” said Mark Jenkins, spokesman for AAA. “Fuel supplies usually tighten this time of year as Americans begin taking spring vacations and refineries reduce output while conducting seasonal maintenance. These factors will likely push gas prices 30-50 cents higher by Memorial Day weekend.”

In Florida, gas prices increased eight of the past 10 days, for a total of 11 cents. The state average price of $1.84 was 10 cents higher than last week, but 62 cents lower than this time last year and $1.62 lower than the price March 6, 2014. Motorists are saving $24 for a full tank of gas compared to what they paid two years ago.

In Georgia, gas prices increased nine of the past 10 days, for a total of 10 cents. The state average price of $1.73 was 7 cents higher than last week, but 57 cents lower than this time last year and $1.56 lower than the price March 6, 2014.

In Tennessee, gas prices increased nine of the past 10 days, for a total of 9 cents. The state average price of $1.60 was 7 cents higher than last week, but 63 cents lower than this time last year and $1.62 lower than the price March 6, 2014.

Talks of a potential meeting between production countries, to discuss a freeze in oil production, continue to impact global oil prices. Skepticism remains around the impact of this plan to help bring global supply and demand into balance, largely due to a number of the countries involved being reliant on oil revenues to support national operations and social programs.

The price of crude oil climbed 8 percent during the past week, for a total increase of 24 percent in three weeks. Friday’s settlement of $35.92 per barrel was the highest daily settlement since Jan. 6. On that day, gas prices averaged $2 in Florida and nationally, $1.89 in Georgia and $1.75 in Tennessee.

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