Gas prices spike - WRBL

Gas prices spike

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Similar to the past two years, retail gas prices are headed back up following Independence Day, the busiest summer holiday travel weekend. The price for a gallon of regular retail gasoline jumped an average of 11 cents from last week in the Southeast.

The jump in price was expected after a barrel of oil traded above $100 for more than two weeks. Tensions in Egypt along with positive economic news and a decrease in oil supplies pushed crude prices beyond a 12-month high.

"Gas prices are on the rise and will continue to follow the upward trend for the next few weeks," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "This upward trend has occurred during the past two years and will likely happen again this year as demand for crude oil increases across the globe and geopolitical tensions remain."

The cost for a barrel of oil closed last Friday at $105.95 on the NYMEX — $2.73 more than the week prior.

The national average price of regular unleaded gasoline is $3.60, 13 cents less than last week. Georgia's average of $3.45 both jumped 11 cents from last Sunday.

Source: AAA

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