Although gas prices fell again last week, oil prices quickly jumped after government reports showed U.S. jobless claims rose less than forecast. The news pushed a barrel of oil near $95, only to be countered by more pessimistic news about the economy.
After oil prices spiked, they quickly deflated after the Commerce Department said GDP grew less than expected in the first quarter of the year. Inventories of crude continue to climb beyond 20-year highs and U.S. oil production remains ample.
“The market is expected to be volatile this week, so it’s likely motorists will see little movement in pump prices this week,” said Jessica Brady, AAA spokeswoman, The Auto Club Group.
A barrel of oil closed Friday at $93 on the New York Mercantile Exchange — $4.99 more than the week prior.
The national average price of regular unleaded gasoline is $3.50, 2 cents less than last week. Florida’s average of $3.44 fell 3 cents, while Georgia’s average of $3.37 rose 3 cents from last week.