TAMPA, Fla. - As expected, the price of both oil and retail gasoline increased from last week, however gains at the pump were minimal compared to the initial spike motorists saw in the first week of July. Speculation China will make efforts to stimulate its slowing economy and tightened sanctions against Iran pushed the price of crude oil to settle Friday at $87.10 a barrel-$2.65 more than the week prior.
"The market is still in a balancing act with slow economic growth and tensions with Iran keeping equal pressure on the market," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Retail gas prices are likely to inch up again this week, a trend motorists could see continue throughout the month."
The national average price of regular unleaded gasoline is $3.40, 2 cents more than last week. Florida's average of $3.30 and Tennessee's average price of $3.13 increased 4 cents from last week. While Georgia's state average of $3.27 rose 6 cents from last week, respectively.