JACKSONVILLE, Fla. -- Motorists may see pump prices move a little higher this week after the cost of a barrel of oil increased on positive employment data.
According to AAA, crude prices rose after the U.S. Labor Department reported a payroll increase of 175,000 in May, more than initially forecast.
Supply and demand numbers also helped to bolster oil prices and market confidence. The Energy Information Administration reported that total U.S. oil consumption rose almost 3 percent in the first week of June to 18.8 million barrels a day. The nation's supplies also dropped as a result. After America's oil stockpiles rose by 3 million barrels during the last week of May, they fell twice that amount since the start of June.
"Although the increase in oil demand hasn't caused gas prices to spike, it has stalled the downward trend seen during the past couple of weeks," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "It's too early to tell if motorists will start to see a consistent increase in gas prices as we enter the heart of summer, especially since oil prices have remained relatively stable between $90 and $95 a barrel."
The cost for a barrel of oil closed last Friday at $96.03 on the New York Mercantile Exchange - $4.06 more than the week prior.
The national average price of regular unleaded gasoline is $3.63, 1-cent more than last week. Florida's average of $3.46 remains the same as last week.
Georgia's average price for a gallon of gas is $3.45, also 1-cent more than last Sunday.
Tennessee's average of $3.30 rose 4 cents from last week.
First Coast News