AAA Fuel Price and Labor Day projections
OIL PRICES LINGER AT $85 A BARREL; GAS PRICES RELATIVELY UNCHANGED FROM LAST WEEK
Crude oil prices made minimal gains last week, even as Hurricane Irene threatened the U.S. East coast. Oil prices increased slightly after Federal Reserve Chairman Ben Bernanke said they had the “tools” needed to stimulate the economy and help with long-term economic growth. As a result, crude closed at $85.37 a barrel on the New York Mercantile Exchange-$3.11 more than the week prior.
“Although Hurricane Irene has not significantly impacted the price of crude oil, the damage left behind could cause prices to rise later in the week,” said Jessica Brady, spokesperson, AAA Auto Club South. “So far, reports speculate Irene’s impact is less severe than initially expected, but if refineries are forced to shutdown for repairs it could mean an increase in oil and gas prices.”
The U.S. East coast is home to 10 oil refineries that produce approximately 1.2 million barrels of oil a day, according to the Energy Department. This accounts for approximately 7 percent of total U.S. output capacity.
“Retail gas prices have remained relatively unchanged for the past couple of weeks, but are likely to increase by a few cents going into the holiday weekend,” said Brady.
The national average price of regular unleaded gasoline is $3.60 per gallon, a 3-cent increase from last week. Florida’s average price of $3.56 remains unchanged, while Georgia’s average price of $3.53 increased 3 cents from last week. Tennessee’s average price of $3.43 is 1 cent more than last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.609 $3.573 $3.710 $2.682
Florida: $3.569 $3.566 $3.719 $2.628
Georgia: $3.538 $3.506 $3.729 $2.527
Tennessee: $3.437 $3.428 $3.581 $2.509
AAA’s Daily Fuel Gauge Report is updated each day and is the most comprehensive; reflecting actual prices from credit card transactions within the past 24 hours at two-thirds (100,000 stations) of the gasoline stations in the U.S. Its accuracy is unparalleled.
Next Fuel Price Brief: Sunday, September 4, 2011
DESPITE SLUGGISH ECONOMY, 31.5 MILLION AMERICANS PLAN TO TRAVEL LABOR DAY WEEKEND
Despite news of a sluggish economy, the projected number of Americans who plan to travel this Labor Day weekend remains relatively unchanged from last year. An estimated 31.5 million travelers will take a trip of 50 miles or more away from home, a 2.4 percent decrease compared to the 32.3 million who traveled in 2010. This year’s Labor Day holiday is defined as Thursday, Sept. 1 through Monday, Sept. 5.