RETAIL GASOLINE PRICES FLATTEN AS NYMEX CRUDE OIL FUTURES CLOSE WITH A NOMINAL INCREASE OVER THE PREVIOUS WEEK: $0.1′
Despite Friday’s anticipated news from the U.S. Dept. of Labor on the latest unemployment rates, investors shifted their attention to potential signs the recession may have bottomed out. A week-ending rally enabled crude oil to close at $52.51 per barrel, with a gain of 13-cents per barrel over last week’s closing price of $52.38.
According to Retail Fuel Watch, published by the Oil Price Information Service (OPIS) U.S. gasoline demand is still slightly off from 2008, down 0.2 percent year to date. With little movement in crude oil futures prices and little change in gasoline supply or consumer demand, retail gasoline prices flattened.
The national average price of unleaded regular gasoline at $2.040 declined by half a cent from last week’s price; Florida’s average price today at $2.098 increased by 7/10ths of a cent; Georgia’s average of $1.930 decreased by 6/10ths of a cent. In Tennessee, the average price of $1.920 decreased nearly 2-cents from last week’s average price.
“We still expect to see gradual increases in retail gasoline prices due largely to the supply and demand fundamentals that always contribute to an upward trend for fuel prices at this time of year,” said Gregg Laskoski, managing director of public relations, AAA Auto Club South. “Refinery output has been unremarkable. But, we’ve seen notable gains on Wall Street and any surge in consumer demand, which we’re likely to see as we approach Memorial Day Weekend, could push prices higher.”
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $2.040 $2.045 $1.940 $3.316
Florida: $2.098 $2.091 $1.989 $3.371
Georgia: $1.930 $1.936 $1.832 $3.268
Tennessee: $1.920 $1.938 $1.807 $3.196
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.
How much are you paying for gasoline taxes in Florida/Georgia/Tennessee? Use this link: http://www.aaasouth.com/acs_news/gas_taxes.asp to find out.
