Gasoline prices were flat Wednesday despite an uptick in supply as cautious consumers weigh taking a road trip against the latest worries about the economy.
The national average for retail gasoline prices was unchanged at $2.755 a gallon Wednesday, according to Wright Express and Oil Price Information Service. That's an increase of about 1.4 cents from a week ago and 12.2 cents from a year ago.
Demand for gasoline remains weak, inventories are still higher than a year ago and fuel prices are little changed heading into the holiday weekend. Americans are still concerned about jobs and the pace of the economic recovery.
AAA expects the number of travelers out for the long weekend to rise 17 percent from a year ago. Nearly 35 million people will travel at least 50 miles from home.
"The U.S. consumer doesn't really appear to be ... going back on the road and really driving and taking vacations at a high level," Tradition Energy analyst Addison Armstrong said. "The ones who are driving aren't that bothered by prices at the pump."
Gasoline inventories rose by 500,000 barrels last week to 218.1 million barrels, according to the Energy Department's Energy Information Administration. In the past four weeks, gasoline demand has averaged 9.3 million barrels a day, an increase of about 1.5 percent from the year-ago period.
Oil prices, too, were little changed as supplies fell 2 million barrels last week to 363.1 million barrels, according to the Energy Department's Energy Information Administration.
Benchmark crude for August delivery rose 15 cents to $76.09 a barrel in early trading on the New York Mercantile Exchange. The price has ranged between $75 a barrel and $78 a barrel for about a month.
In other Nymex trading in July contracts, heating oil fell 2.13 cents to settle at $2 a gallon and gasoline dropped .09 cent to $2.0630 a gallon. August natural gas rose 3.4 cents to $4.582 per 1,000 cubic feet.
In London, Brent crude added 13 cents to $75.57 a barrel on the ICE futures exchange.
