Fuel price brief
OIL PRICES REMAIN RELATIVELY UNCHANGED FROM LAST WEEK
Crude oil prices remained relatively unchanged from last week with oil closing Friday at $99.49 a barrel on the New York Mercantile Exchange-16 cents less than last week. The value of the euro fell last week, pushing the value of the dollar higher and oil prices lower.
Fuel demand is down in the U.S. and Europe, while China’s and Japan’s economies are expected to slow causing global fuel demand to drop. Auto travel this Memorial Day weekend is projected to decrease slightly in the U.S. compared to 2010 as a result of higher gas prices.
“Retail gas prices are expected to decrease further this week,” said Jessica Brady, spokesperson, AAA Auto Club South. “Gas prices could drop another 5 cents before the Memorial holiday causing more travelers to make last minute decisions to take a trip before the three-day weekend.”
The national average price of unleaded regular gasoline is $3.85 a gallon, 11 cents less than last week. Florida’s average price of $3.82 is 9 cents less than last week, while Georgia’s average price of $3.81 is 12 cents less than last week. Tennessee’s average price of $3.67 per gallon reflects a 10-cent decrease from last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.852 $3.961 $3.848 $2.812
Florida: $3.823 $3.917 $3.831 $2.808
Georgia: $3.814 $3.932 $3.724 $2.722
Tennessee: $3.679 $3.773 $3.671 $2.684
AAA’s Daily Fuel Gauge Report is updated each day and reflects actual prices from credit card transactions within the past 24 hours at two-thirds (100,000) gasoline stations in the U.S. Its accuracy is unparalleled.
Next Fuel Price Brief: Sunday, May 29, 2011
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AAA Auto Club South, 1515 N West Shore Blvd, Tampa, FL 33607-4505 United States