By Atlanta Business Chronicle

The gasoline price drops came to an abrupt end last week in Georgia, and likely will rise again this week.

After a few weeks of sizable drops in prices, the average price per gallon of gasoline in the Peach State spiked 10 cents in the past week to $3.34, according to AAA Auto Club South.

The national average price of regular unleaded gasoline is $3.45 per gallon -- up 6 cents more than last week.

AAA Auto Club South noted oil prices rose for the second week in a row, keeping a barrel of oil above $80 after the Group-20 (G-20) and European leaders began discussion to draft a plan to resolve the European debt crisis. The new plan's completion date is set for the last week of October, with a review by the G-20 scheduled for the first of November.

Crude oil settled Friday at $86.80 a barrel on the New York Mercantile Exchange -- $3.22 more than the week prior.

"The market has waited more than a month for a piece of positive news to latch onto and drive oil prices higher," said Jessica Brady, spokeswoman for AAA, in a statement. "Although the data caused investors to get bullish, it will be interesting to see if the increase in oil prices is sustainable. Retail gas prices already reacted to the two-week jump in oil prices and reversed the downward momentum reflected in September. We're likely to see gas prices continue to increase this week unless oil prices fall."

Copyright 2011 American City Business Journals

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