Posted: Monday, August 10th 2009 at 7:26am
Ga. gas prices up another dime as the price of crude increases
By Ken Stanford Staff
TAMPA, Fla. – The Dow Jones Index rose 114 points on Friday and other major stock indexes jumped more than 1 percent after the U.S. Labor Dept. reported that the nation's unemployment rate unexpectedly fell in July for the first time in 15 months.
That positive news enabled crude oil on the New York Mercantile Exchange (NYMEX) to close at $70.93 per barrel, registering a modest increase of $1.48 per barrel over last week.
During the past week, the national average price of gasoline has increased by 11 cents per gallon (16 cents over the past two weeks; the average price in Florida increased by 9 cents; Georgia’s average price increased 10 cents per gallon, and Tennessee’s price increased by 10 cents per gallon.
In the Gainesville area, the cheapest reported to AccessNorthGa.com Monday morning was $2.39 in both Oakwood and Auburn.
While crude oil prices impact retail gasoline prices, the slow but consistent increase in prices seen at the pump more closely reflect the 19-cents-per-gallon increase in wholesale prices since July 20, according to Retail Fuel Watch, a trade publication on wholesale and retail fuel pricing.
“The Labor Department’s report is encouraging news but it’s also giving oil and gasoline prices a bit of a late summer rally,” said Gregg Laskoski, managing director of public relations, AAA Auto Club South.
Link: AAA South
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