Fuel brief – gas prices expected to fall further
GAS PRICES EXPECTED TO FALL FURTHER AS ECONOMIC NEWS REMAINS BLEAK
TAMPA, Fla. (October 2, 2011) – Oil prices remain relatively unchanged this week as economic news remains bleak here in the U.S. and abroad. Prices fell further after reports showed China’s manufacturing index dropped for a third month in a row, while European retail sales declined last month and U.S. consumer spending continues to slow. Fuel demand continues to falter as weak economies cause consumers to cut back on spending and travel. Crude oil settled Friday at $79.20 a barrel on the New York Mercantile Exchange-65 cents less than the week prior.
“Economic news is not looking good in the long term and we can expect the market to react to every piece of economic news that comes from the U.S. and Europe in the short term,” said Jessica Brady, spokesperson, AAA. “Gas prices continue to decrease as oil prices retreat below $80 a barrel and this trend is expected to continue for quite a while, unless positive news unexpectedly hits the market.”
The national average price of regular unleaded gasoline is $3.42 per gallon, reflecting an 8-cent decrease from last week. Florida’s average price of $3.39, Georgia’s average price of $3.27, and Tennessee’s average price of $3.22 also dropped 8 cents since last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.424 $3.505 $3.647 $2.702
Florida: $3.397 $3.470 $3.608 $2.683
Georgia: $3.273 $3.352 $3.582 $2.586
Tennessee: $3.225 $3.302 $3.476 $2.560
AAA’s Daily Fuel Gauge Report (fuelgaugereport.com) 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, October 9, 2011