The recent jump in U.S. employment numbers raised hopes for an increase in fuel demand and pushed oil prices higher as summer approaches, however, it’s unlikely gas prices will spike in the coming weeks.
The GDP and overall fuel demand numbers are still down. The nation’s oil stockpiles rose about 7 million barrels during the last week in April, according to the Energy Information Administration.
A barrel of oil closed Friday at $95.61 on the New York Mercantile Exchange — $2.61 more than the week prior.
The national average price of regular unleaded gasoline is $3.52, 2 cents more than last week. Tennessee’s average of $3.25 decreased 1 cent. Gas prices in Manchester are down to as low as $3.14, and in Tullahoma the low price is $3.10.