Crude oil is at a high not seen since September 2008, and the price of gas continues to rise.
The average price for regular unleaded in Georgia rose 5 cents last week to $3.52. The national average rose 7 cents to $3.64.
Crude oil closed Friday on the New York Mercantile Exchange at $107.94 a barrel , an increase of $2.54 from the previous week.
Conflict in Libya and elsewhere in the Mideast is affecting the oil market, along with positive U.S. economic news indicating demand will be high in the summer driving season, according to AAA South spokeswoman Jessica Brady.
"Oil prices continue to move higher as we get closer to the summer driving season," Brady said. "The unrest in the Mideast will sustain the already high oil prices, but coupled with positive economic news in the U.S., prices are likely to move even higher."
At least one U.S. senator, Democrat Jay Rockefeller of West Virginia, believes supply and demand fundamentals do not fully account for the surge in oil prices. He's urging the Federal Trade Commission to use its full authority to make sure American consumers are paying a fair price for gas "by reducing the risk of fraud or deceit in the petroleum market."
In Atlanta, the average price of regular unleaded stands at $3.51 -- 4 cents higher than a week ago and 13 cents higher than a month ago. Last year at this time, the average was $2.72.
About the Author
