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Gasoline prices inch higher

By Palm Beach Business.com

DELRAY BEACH — The rise in gasoline prices continued during the last week, albeit at a much slower pace than the previous week. It’s a trend that could continue for remainder of July.

The U.S. Energy Information Administration on Monday reported that nationally gasoline averages $3.411 a gallon, up 1.6 cents from a week early. Two weeks ago, the average was at $3.356 a gallon.

The same pattern holds in Florida, with the average presently sitting at $3.279 a gallon, up 1.3 cents from a week ago. Gasoline averaged $3.17 a gallon statewide at the beginning of July.

Tensions with Iran and speculation that China will move to stimulate its economy pushed crude prices higher. The rocky economy, however, continues to counterbalance forces pushing price s higher.

"The market is still in a balancing act with slow economic growth and tensions with Iran keeping equal pressure on the market," AAA’s Jessica Brady said. "Retail gas prices are likely to inch up again this week, a trend motorists could see continue throughout the month."