Gas price reverses trend - WALB.com, South Georgia News, Weather, Sports

Gas price reverses trend

Average retail gasoline prices in Georgia have risen 13.2 cents per gallon in the past week, averaging $3.58/g Sunday.

This compares with the national average that has increased 6.3 cents per gallon in the last week to $3.63/g, according to gasoline price website GeorgiaGasPrices.com.

Including the change in gas prices in Georgia during the past week, prices yesterday were $1.03/g higher than the same day one year ago and are 0.3 cents per gallon lower than a month ago.

The national average has decreased 9.1 cents per gallon during the last month and stands 91.7 cents per gallon higher than this day one year ago.

 GasBuddy operates GasBuddy.com, GeorgiaGasPrices.com, and over 225 other local gasoline price-tracking websites that follow prices at over 125,000 gasoline stations in the United States and Canada.

Meanwhile, the Associated Press reports that oil prices fell below $95 a barrel Monday in Asia amid signs the U.S. economy is struggling.

Benchmark oil for August delivery was down $1.33 to $94.87 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude gave up $2.47 to settle at $96.20 on Friday.

In London, Brent crude shed 87 cents to $117.46 per barrel on the ICE Futures exchange.

On Friday, the U.S. Labor Department said that employers added the fewest jobs in nine months and the unemployment rate rose to 9.2 percent in June, undermining investor optimism that the world's biggest economy was improving.

"The report was negative from just about every angle of approach," energy consultant The Schork Group said in a report. "That's hardly what you would expect in the second year of an alleged economic recovery."

Before the dismal jobs report, oil had rebounded from $90 two weeks ago on expectations global supplies will tighten and demand will improve during the next 18 months.

"Although the employment data delivered a significant body slam to energy markets, we're still reluctant to rule out one more run at the $100 area," Ritterbusch and Associates said in a report. "The energy market absorbed the important monthly employment figures well enough to make another push within the next several sessions."

In other Nymex trading in August contracts, heating oil fell 3.4 cents to $3.06 a gallon while gasoline slid 2.1 cents at $3.07 a gallon. Natural gas futures dropped 0.2 cent at $4.20 per 1,000 cubic feet.

 

Copyright 2011 The Associated Press. All rights reserved.

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