Gas prices fluctuating after oil prices jump
Gas prices started to fluctuate last week after the cost for a barrel of oil jumped above $90 and has held steady in that price range according to information released by AAA.
Officials say that 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, AAA predicts that it is unlikely gas prices will spike in the coming weeks.
The GDP and overall fuel demand numbers are still down but the nation's oil stockpiles rose about seven million barrels during the last week in April, according to the Energy Information Administration.
"Gas prices moved in both directions last week and are expected to do so again this week. Although pump prices will fluctuate, they're not likely to spike," said AAA spokeswoman Jessica Brady in the release. "Until there's a significant spike in fuel demand or an unforeseen event occurs that affects supply, gas prices will likely remain relatively stable."
(Gas prices provided by AAA)