Gas Prices Soar While Barrel of Oil Remains Stable

Gas Prices Soar While Barrel of Oil Remains Stable

Gas prices as of 1:00PM Monday, September 3, 2012.
Motorists will pay more for a gallon of gasoline this holiday weekend than any other time in history. In the past 30 days, retail gas prices jumped 30 cents in Florida, Georgia, and Tennessee. Although oil prices remain relatively stable, gas prices continue to increase.
 
Before this year, 2008 held the title for the highest gas prices during any other Labor Day weekend. At that time Florida's, Georgia's, and Tennessee's state averages were $3.69, $3.61, and $3.56. Both domestic and international supply issues have led to the recent increase at the pump.
 
"Hopefully, when Gulf refining picks up again motorists will start to see retail gas prices fall," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Typically, gas prices start to retreat once Labor Day passes when demand starts to fall and winter blend fuel production begins."
 
A barrel of oil closed Friday at $96.47 on the New York Mercantile Exchange--32 cents more than the week prior.

The national average price of regular unleaded gasoline is $3.83, an 8-cent increase from a week ago today. While Florida’s average of $3.78 increased 4 cents and Georgia’s average of $3.84 rose 14 cents from last week, respectively.  Tennessee’s average of $3.66 jumped 11 cents from last week. Murfreesboro was a little over a dime less than the state average. On Labor Day gas in the 'Boro was $3.54 to $3.55 per gallon of regular gas at the majority of outlets.

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