Gas prices up 4 cents from last week

We don’t have to tell you that gas prices have jumped at the pump.

The national average for a gallon of regular gas is up 16 cents since July 1, according to AAA. Georgia’s average price of $ 3.40 is up 4 cents from last week; Florida’s average of $ 3.42 went up 2 cents and Tennessee’s average of $ 3.28 rose 6 cents from last week, AAA reported.

Blame the uptick at the pump on speculators, said AAA spokeswoman Jessica Brady.

This is how she explains it: Last week, U.S. stockpiles of crude oil unexpectedly climbed by 3 million barrels to the highest level in 13 years — a sign of weak demand. Demand for new houses also dropped unexpectedly in June. Despite the lackluster demand numbers and eased tensions with Iran, speculators continue to keep upward pressure on oil prices in hopes European leaders will take measures to stimulate demand, Brady said.

The good news: Prices should start to stabilize in August, she said. “Although gas prices will likely inch up this week, we shouldn’t …

Full News here – The Biz Beat

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