Motorists See Pump Prices Jump 10 Cents From New Year's Eve

By: AAA Release
By: AAA Release

TAMPA, Fla. (Jan. 9, 2012) —

Retail gasoline prices already have consumers concerned about $4 a gallon after prices jumped 10 cents in the first week of the new year. The new question is whether or not the national average will rise to $4.20 by spring or summer. While there’s the possibility pump prices could surpass $4 a gallon, it’s still too early to say exactly what the marquee will read four to six months down the road. At this time, oil prices remain elevated as Iran still threatens to block the Strait of Hormuz and disrupt oil exports in the Middle East. Also, contributing to higher prices is the positive employment numbers recently released in the U.S. Oil settled at $101.56 a barrel Friday on the New York Mercantile Exchange--$2.73 more than the week prior.

However, there is still bearish news in the market with the potential to push oil and gas prices lower in the coming weeks. Speculation Europe will enter a recession that could stifle global oil demand is weighing heavier on the market and has reduced the value of the euro against the dollar, a factor that takes away the appeal of oil as a commodity. U.S. gasoline demand is also on the decline with inventories rising by 2.5 million barrels to 220.2 million the last week of December, according to the Department of Energy.

“Gas prices generally inch up after the first of the year on optimism the economy will continue to improve and set the stage for increased demand in the new year. The recent increase in U.S. payrolls by 200,000 in December supports this notion. Then, couple it with concerns Iran will disrupt Mideast oil exports and pump prices are sure to rise,” said Jessica Brady, AAA spokesperson, The Auto Club Group. “However, there is still plenty of bearish news out there, mainly Europe’s looming debt woes, with the potential to drive down oil and gas prices, especially if the Iranian threats were to cease.

“Motorists will probably see pump prices inch up again this week, which is likely to reveal whether or not oil prices are sustainable above $100 a barrel.”

The national average price of regular unleaded gasoline is $3.37 per gallon, 10 cents more than last week. Florida’s average price of $3.44 increased 13 cents, while Tennessee’s average price of $3.24 rose 12 cents from last week. Georgia’s average price of $3.34 reflects a 14-cent increase from last week, respectively.

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

Current Week Ago Month Ago Year Ago

National: $3.374 $3.279 $3.285 $3.088

Florida: $3.441 $3.313 $3.308 $3.117

Georgia: $3.345 $3.206 $3.221 $3.007

Tennessee: $3.248 $3.125 $3.111 $2.98


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  • by Steve Location: Floprida native/resident, drive a Chevrolet Silverado K2500 Turbo'diesel. on Jan 9, 2012 at 06:45 PM
    You folks that cry and whine about gas prices, should just take a pill! I am a contractor, and have in three years payed(as much as)$4.87.9 for diesel fuel! Now I recommend that you quit your whining and crying, and stop the stupid stuff! Stupid would be an oil rig in ONE MILE OF WATER! Get these rigs closer to the coast, and it will not take 11 WEEKS to decide what to do with it if there is an emergency! Thanx.
    • reply
      by Anonymous on Jan 10, 2012 at 06:26 AM in reply to Steve
      Sounds like you need to shop for a more econimical vehicle to do your work.
  • by Dumbocrat on Jan 9, 2012 at 01:32 PM
    Thanks Barack!
  • by jd Location: t on Jan 9, 2012 at 01:21 PM
    same old B/S ,,,no call for it ,,,we just put up with it and go ahead ....when all this high price of gas could be stopped
  • by TallyChick on Jan 9, 2012 at 08:42 AM
    Why would Iran play a vital role in our gas prices? I thought the US didn't get any of their oil from Iran. Anyone with thoughts or more info?
    • reply
      by Anonymous on Jan 9, 2012 at 10:23 AM in reply to TallyChick
      Oil is oil once it hits the market.
    • reply
      by Anonymous on Jan 9, 2012 at 11:21 AM in reply to TallyChick
      Iran puts oil into the open market. If they stop producing it, the other oil producing countries have to make up the difference, or supply and demand of the market will kick in and prices will increase. Any other 5th grade economics questions?
      • reply
        by me on Jan 9, 2012 at 11:52 AM in reply to
        Well that was rude...go ahead, pound your chest jerk. All she did was ask a question.
        • reply
          by The truth on Jan 9, 2012 at 12:32 PM in reply to me
          Stupid questions do exist.
        • reply
          by Anonymous on Jan 9, 2012 at 02:40 PM in reply to me
          I didn't pound my chest. She asked, I answered. this is a simple supply and demand scenario on a global scale, If she had paid attention in grade school, she would not have to ask such a simple question.
        • reply
          by me on Jan 10, 2012 at 06:35 AM in reply to me
          @ Anonymous on Jan 9, 2012 at 05:40 PM...thing is you're a jerk. You know how you answered the question.
    • reply
      by Bill on Jan 9, 2012 at 02:24 PM in reply to TallyChick
      "Iran still threatens to block the Strait of Hormuz and disrupt oil exports in the Middle East." They have even threaten the US about bringing another aircraft carrier into the area. They said this would cause them to block the strait. This kind of thing causes the market to panic.
  • by Anoy Location: Wakulla on Jan 9, 2012 at 07:32 AM
    Try looking at the dirt county, Crawfordville 30 cents higher than Tallahassee, support the sheriff.
  • by Vic on Jan 9, 2012 at 07:25 AM
    You are really naive to think either political party cares what the prices of oil is....both parties are getting rich, richer from the oil companies and neither political parties could give a rat's behind about the little guy.
  • by Tallahassee Resident on Jan 9, 2012 at 06:42 AM
    If the President is truly in direct control of the retail price of gasoline, the highest-ever prices were during the presidency of...George W. Bush.
    • reply
      by GV on Jan 9, 2012 at 07:09 AM in reply to Tallahassee Resident
      President obama promised that if you voted for him that gas prices would skyrocket,and they are,so if you voted for him then you voted for skyrocketing gas prices.
      • reply
        by Anonymous on Jan 9, 2012 at 11:23 AM in reply to GV
        Obama also said that with his stimulus plan unemployment would remain less than 8%. Do you really want to believe anything Obama says?
        • reply
          by GV on Jan 9, 2012 at 12:41 PM in reply to
          LOL.You must be one of those idiots that voted for skyrocketing gas prices.
    • reply
      by Anonymous on Jan 9, 2012 at 07:21 AM in reply to Tallahassee Resident
      Bush hasn't been President for nearly 3 years. Give it a rest.
  • by Tallahassee Resident on Jan 9, 2012 at 06:42 AM
    If the President is truly in direct control of the retail price of gasoline, the highest-ever prices were during the presidency of...George W. Bush.
    • reply
      by Anon on Jan 9, 2012 at 01:33 PM in reply to Tallahassee Resident
      When Bush left office the price was down to $1.89. Look it up.
  • by so interesting on Jan 9, 2012 at 06:26 AM
    that the oil companies are making record profits and can raise prices on any rumor or fear that comes along. This administration shows no leadership at all, we are currently at the oil company's mercy.
    • reply
      by Anonymous on Jan 9, 2012 at 07:05 AM in reply to so interesting
      Oil companies don't 'set' their price. The consumer of their product 'sets' the price.
    • reply
      by Anonymous on Jan 9, 2012 at 01:03 PM in reply to so interesting
      Democrats whine when companies make money and bail out companies that fail......wasn't the chevy volt supposed to end our foreign oil dependence???????
  • by vic on Jan 9, 2012 at 06:01 AM
    where is the senate commmittee that protects us citizens from being gouged by oil companies?? oh yeah they are on break spending their hush money.
    • reply
      by Anonymous on Jan 9, 2012 at 06:35 AM in reply to vic
      Please show how the oil companies are gouging customers. Posting a statement without some data to back it up seems foolish.
      • reply
        by Anonymous on Jan 9, 2012 at 07:05 AM in reply to
        vic doesn't understand market economics. The oil companies simply supply a product. Those who use the product (i.e. gasoline refiners, plastics and chemical companies) bid on the product. You must blame the commodities market for the price if you want someone to blame.
      • reply
        by Bagman on Jan 9, 2012 at 07:26 AM in reply to
        It does no good because conservatives don't believe in science, so there is no evidence they would accept. Typical con move to distract from the problem - oil companies gouging customers.
        • reply
          by Anonymous on Jan 9, 2012 at 09:07 AM in reply to Bagman
          You don't seem to provide any data either, which means you're either ignorant or stupid.
        • reply
          by Anonymous on Jan 10, 2012 at 06:27 AM in reply to Bagman
          I am fiscally conservative and a petroleum geologist. So what do you say now?
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