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Posted: July 24, 2012 9:44 p.m.

Pilot Club announces officers

Gas prices rise 10.7 over past week

Average retail gasoline prices in Atlanta have risen 10.7 cents per gallon in the past week, averaging $3.42/gal yesterday. This compares with the national average that has increased 4.9 cents per gallon in the last week to $3.49/gal, according to gasoline price website AtlantaGasPrices.com.

Including the change in gas prices in Atlanta during the past week, prices yesterday were 34.3 cents per gallon lower than the same day one year ago and are 18.3 cents per gallon higher than a month ago. The national average has increased 2.4 cents per gallon during the last month and stands 20.1 cents per gallon lower than this day one year ago.

"Gasoline prices continue to rise across much of the nation, which is precisely what we had forecast earlier this year, so it does not come as much of a shock," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Either way, I don't expect the national average to break out of its mid-$3/gal rut until mid-to-late September, then we may get some action to the downside," DeHaan said.

Overall retail gas prices in the Southeast increased 10 cents from last week and are expected to rise throughout the month. Since July 4, motorists have seen prices at the pump increase after a steady two-month decline.

Upward pressure on the market pushed oil to close at its highest settlement since May. A barrel of oil settled Friday at $91.44 on the New York Mercantile Exchange - $4.34 more than the week prior. Rising tensions in the Mideast coupled with a decrease in both gasoline inventories and oil supplies have kept prices elevated.

"Motorists will likely see gas prices increase throughout the month as tensions with Iran continue to create concern of a disruption in global oil supply," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Although the national average climbed 14 cents since July 1, prices are still about 50 cents less than the peak price of $3.94 in April."

The national average price of regular unleaded gasoline is $3.47, 7 cents more than last week.

 

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