Concerns of a supply disruption if Iran blocks the Strait of Hormuz eased last week after reports showed there is ample supply to make up for any Iranian losses and President Obama discussed the possibility of releasing oil from the U.S. Strategic Petroleum Reserve (SPR). The deadline is approaching for Iran to discuss negotiations regarding their nuclear efforts as sanctions against the country are tightening.

Lagging economic growth in China, the world’s second largest oil consuming country, as well as a strengthened U.S. dollar have also kept oil prices stable during the past three weeks. However, retail gas prices continue to increase at a slow, but steady pace.

“The fact that oil prices are showing some stability is a positive, but retail gas prices are still on the rise. Although the rate of increase has slowed, gas prices continue to steadily inch up week after week. Pump prices are still expected to increase well into spring as we approach the summer driving season,” said Jessica Brady, AAA spokeswoman, The Auto Club Group.

The national average price of regular unleaded gasoline is $3.83, a 4-cent increase from last week. Florida’s average of $3.82 increased 3 cents, while Georgia’s average of $3.72 rose 4 cents from last week. Tennessee’s average price of $3.64 increased 5 cents from last week, respectively.

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

                        Current              Week Ago         Month Ago        Year Ago

National:           $3.838              $3.792              $3.529              $3.542

Florida:             $3.823              $3.790              $3.664              $3.565

Georgia:           $3.722              $3.689              $3.538              $3.449

Tennessee:       $3.647             $3.592              $3.482              $3.403

Visit AAA’s Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.