New Year's Day marked the fourth consecutive year of record-breaking gas prices. Local discounters jumped their prices up 13-cents from the previous week. At the start of a new week, many discounters were offering regular gas for $3.06 per gallon in Murfreesboro.
The national average price for a gallon of regular gasoline was $3.32 on January 1, the highest price on record. However, 2013's annual average price for a gallon of gas was $3.49, the least expensive year since 2010.
Last week, oil price fell back below $95 a barrel after spiking past $100. Demand headed south in the last week of December, which caused stockpiles to increase and pushed oil prices lower. Not only did fuel demand drop 7.2 percent last month, but the value of the dollar increased against foreign currencies, placing downward pressure on oil prices.
"Gas prices inched up again last week and they will likely do the same this week,” said Jessica Brady, AAA spokesperson, The Auto Club Group. "The increase in gas prices shouldn't be steep, nor is it likely to last very long. Demand typically drops in the coming weeks as fewer people travel in the cold weather. Gas prices typically fall between mid- January and February, before refineries begin seasonal maintenance."
The national average for a gallon of regular, unleaded gasoline is $3.32, 1-cent more than last week. Florida's average of $3.42 increased 3 cents from last week. Georgia’s average of $3.23 and Tennessee's average of $3.13 both increased 2 cents from last week. Again, in Murfreesboro--at the start of a frigid new week, many discounters were selling regular petro for $3.06 per gallon. Although that's lower than other parts of the Volunteer state, it's still a 13-cent increase from this time last year.