Although gas prices were forecast to fall before the Thanksgiving holiday, many residents in the Southeast saw prices jump upwards of 10 cents. Despite the recent hike in prices, retail gas prices are forecast to decrease into December.

"Both oil and gas prices are forecast to decrease after the cease fire agreement between Israel and Hamas,” said Jessica Brady, AAA spokeswoman, The Auto Club Group. "The tensions between Israel and its surrounding nations caused oil prices to increase which may have led to the hike in retail gas prices before the holiday weekend.”

Now that tensions in the Mideast have eased, it’s likely retail gas prices will continue the downward trend prior to the Thanksgiving holiday.

A barrel of oil closed Friday at $88.28—$1.61 more than the week prior.

The national average price of regular unleaded gasoline is $3.43, 1 cent more than last week. Florida’s average of $3.39 increased 5 cents from last week. Tennessee’s average of $3.17 rose 2 cents from last week. Georgia’s average price of $3.28 increased 3 cents from last week, respectively. 

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

                                Current                  Week Ago             Month Ago           Year Ago

National:                                 $3.426                         $3.418             $3.575                 $3.312

Florida:                                    $3.389                         $3.337             $3.558                 $3.333

Georgia:                                   $3.282                         $3.2345           $3.450                 $3.218

Tennessee:                              $3.170                        $3.151             $3.354                 $3.136