Valdosta, GA- Southeast gas prices remained relatively stable from last week after oil prices fell following an increase in the value of the U.S. dollar.
The increase in the value of the dollar drove oil prices lower last week after it reduced the appeal of crude oil as a commodity to foreign investors. In addition, supply and demand numbers remain weak. Fuel demand in both China and the United States decreased, which also helped push oil and gas prices lower. U.S. crude inventories rose more than 300,000 barrels in the week ending June 14, after reaching an 82-year high on May 24, according to the Energy Information Administration.
Although Syria and the continued tensions in the Mideast maintain bullish pressure on the market, there have not been any major supply disruptions as a result of the country’s civil war.
“Although gas prices in the Southeast remained relatively stable from last week, it wouldn’t be surprising to see gas prices inch up slightly before the holiday weekend,” said Jessica Brady, AAA spokeswoman, The Auto Club Group. “Even though pump prices are higher than they were this time last year, they are not expected to deter holiday travelers.”
The cost for a barrel of oil closed last Friday at $93.69 on the New York Mercantile Exchange — $4.16 less than the week prior.
The national average price of regular unleaded gasoline is $3.57, 4 cents less than last week. Florida’s average of $3.51 fell 1 cent from last week. Georgia’s average price for a gallon of gas is $3.44, 3 cents less than last Sunday.