Gas prices stable despite fluctuations in oil
The Auto Club Group reports that gas prices stayed relatively stable last week despite oil prices yo-yoing.
AAA officials say that crude oil prices were on an upward path after the positive jobs report, but the price surge came to a halt after the value of the dollar rose against other currencies. Tensions overseas also countered the bearish fundamentals and have helped to keep oil prices elevated.
"Geopolitical tensions and hopeful economic news are keeping fuel prices elevated," said AAA spokeswoman Jessica Brady. "Fuel prices should be much lower based on the current state of supply and demand."
AAA adds that U.S. output of crude oil rose again last week, pushing supplies to an 82-year high, according to the Energy Information Administration. Pump prices will likely continue the up and down price fluctuations as they have since the start of May.
(Gas prices provided by AAA)