Valdosta, GA- Gas prices fell across the Southeast during the busiest summer holiday weekend. Although pump prices decreased, motorists still paid an average of 15 cents more for a gallon of regular gasoline than they did during last year’s Independence Day holiday.
Lower gas prices are not expected to last much longer after a barrel of oil closed at more than $100 on the New York Mercantile Exchange (NYMEX), the highest settlement since May of 2012. Unrest in Egypt continues to create concerns of supply disruptions in the Middle East, while increased fuel demand and a jump in U.S. payrolls helped push oil prices higher.
“Motorists should enjoy the lower gas prices while they last, because all signs point to higher pump prices in the coming weeks,” said Jessica Brady, AAA spokeswoman, The Auto Club Group. “For the past two years, retail gas prices increased after the Independence Day holiday and it looks like that will be the trend this year.”
The cost for a barrel of oil closed last Friday at $103.22 on the NYMEX — $6.66 more than the week prior.
The national average price of regular unleaded gasoline is $3.47, 2 cents less than last week. Florida’s average of $3.43 also fell 2 cents. Tennessee’s average of $3.25 and Georgia’s average of $3.34 both fell 3 cents from last Sunday.