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Gas prices ticking back up | News

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Gas prices ticking back up
News, Transportation
Gas prices ticking back up

ATLANTA -- Gas prices rose in Georgia for the second week in a row as oil prices continued to climb, according to AAA Auto Club South.

The price per gallon of gasoline in Georgia now averages $3.66, compared with $3.57 a week ago, $3.58 a month ago and $2.57 a year ago.

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The national average price of unleaded regular gasoline is $3.67 a gallon -- 5 cents more than last week.

AAA Auto Club South said oil prices continued to increase last week as investor optimism about the economic recovery drove prices higher coupled with momentum from a weakened U.S. dollar. Oil prices closed Friday at $97.49 a barrel on the New York Stock Exchange -- $1.29 more than the week prior.

Total U.S. fuel demand is down 0.04 percent to 18.9 million barrels a day over the past four weeks and is down 1.4 percent from the same period last year, according to the Department of Energy. Gas consumption is down 1 percent to 9.23 million barrels a day from the same period -- a 0.09 percent decrease year-over-year.

"Despite negative news about the job market and consumer sentiment, investors are seemingly optimistic the U.S. economy will start to pick up, a statement made for quite some time with no solid data to support the claims," said Jessica Brady, spokes woman for AAA Auto Club South, in a statement. "The high unemployment rate, increased oil and gas prices, along with a volatile stock market have consumers on edge. Oil and gas prices are expected to increase again this week on speculation the Federal Reserve may take action this week to help stimulate the economy."

News, Transportation