Over the past two weeks, the price of crude oil has risen by $8.58 per barrel aided by a spike of $6.76 per barrel this past week to close Friday, Oct. 16 at $78.53 on the New York Mercantile Exchange (NYMEX).

According to the U.S. Department of Energy, fuel demand increased by 1.1 percent but the slow pace of economic recovery is reflected in the fact that the available supply of crude oil inventories of 9.6 percent higher than the five-year average for this period.

The Department of Energy also reports that U.S. refineries are meeting current demands even while operating at an 80.9 percent output rate. That rate, according to Bloomberg Business News is “the lowest since last September (2008) when Gulf Coast hurricanes disrupted refinery operations.”

The national average price of unleaded regular gasoline is $2.54 per gallon, up 7 cents in the past week. Florida’s average today is at $2.53, Georgia’s at $2.39 and Tennessee’s at $2.38 have increased by 10 cents, 11 cents and 10 cents respectively in the past week.

Current and past price averages

National: Current $2.547, Week ago $2.479, Month ago $2.550, Year ago $2.991

Florida: Current $2.536, Week ago $2.431, Month ago $2.481, Year ago $3.038

Source: AAA Auto Club South