Fuel price brief from AAA
GAS PRICES REMAIN STABLE AS OIL NEARS $100 A BARREL
History has shown when the price of oil rises, so does the price of retail gasoline. This has not been the case for the past several weeks as gas prices have remained relatively unchanged as the price of oil has jumped to nearly $100 a barrel. A barrel of oil settled Friday at $98.99 on the New York Mercantile Exchange-$4.73 more than the week prior. This is the highest settlement since July 22, when a barrel of oil closed at $99.87.
Oil prices increased last week as European leaders moved closer to an agreement on a financial resolution and Italy approved a bill in the Senate to cut the country’s debt of $2.6 trillion. This caused the stock market to rally and the dollar weakened against the euro. Also, boosting optimism was the Thomson Reuters/University of Michigan report that showed consumer sentiment rose to 64.2 for November, more than economists’ projection of 61.5.
“The national average price for regular retail gasoline is holding strong around $3.40 a gallon and it’s uncertain at what point prices will jump to catch up with the price of crude,” said Jessica Brady, AAA spokesperson, The Auto Club Group. “Gas prices may begin to inch up this week now that the price of oil has almost hit $100 a barrel. However, there are some analyst who predict oil prices will fall this week and, if they are accurate, consumers could see another week of stable gas prices.”
The national average price of regular unleaded gasoline increased 1 cent from last week for an average of $3.42 per gallon. Florida’s average price of $3.41 increased 2 cents from last week and Georgia’s average of $3.35 increased 3 cents. Tennessee’s average price also increased 1 cent from last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.422 $3.411 $3.443 $2.886
Florida: $3.414 $3.390 $3.409 $2.870
Georgia: $3.355 $3.321 $3.333 $2.772
Tennessee: $3.245 $3.235 $3.269 $2.721
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, November 20, 2011
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Fuel price brief from AAA
PUMP PRICES CONTINUE TO FALL AS PRICE OF OIL INCREASES
Oil prices continue to linger near $95 a barrel as conflicting factors have prices at a standstill. A barrel of oil settled Friday at $94.26 on the New York Mercantile Exchange-94 cents more than the week prior. European leaders and the G-20 failed to come to agreements to resolve Europe’s debt issues last week, putting downward pressure on oil prices. However, a small rally took place in the market after the U.S. Labor Department reported the unemployment rate dropped to 9 percent in October from 9.1 percent in September.
The Labor Department also reported a gain of 80,000 payrolls last month, although fewer than forecast, the data was taken as a positive sign the economy is slowly bouncing back from the economic downturn. While leaders were positive an agreement could be met to end the European debt crisis, in the end, they failed to agree on a plan and further discussions are expected to take place this week.
“Oil prices are stuck between an uncertain future for Europe’s financial system and glimmers of hope for an economic recovery in the U.S.,” said Jessica Brady, AAA spokesperson, The Auto Club Group. “Despite the slight increase in oil prices and the market’s bullish sentiment, retail gas prices have actually decreased throught the past couple of weeks. Reports from the Department of Energy show stagnant fuel demand numbers and weekly gasoline deliveries are 4 percent behind last years numbers. Unless oil prices make significant gains this week, consumers may find minimal changes in prices at the pump.”
The national average price of regular unleaded gasoline is $3.41 per gallon, 3 cents less than last week. Florida’s average price of $3.39 also fell 3 cents from last week. Georgia’s average price of $3.32 dropped 5 cents from last week and Tennessee’s average price of $3.23 fell 4 cents, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.411 $3.446 $3.390 $2.834
Florida: $3.390 $3.424 $3.355 $2.813
Georgia: $3.321 $3.371 $3.234 $2.710
Tennessee: $3.235 $3.276 $3.191 $2.662
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, November 13, 2011