The national average price of gasoline fell by 5-cents per gallon in the past week. Fuel prices in Florida, Georgia and Tennessee are down by 3-cents, 4-cents and 5-cents per gallon respectively during the same period.

With high oil inventories and weak demand, 21 of 38 analysts (55%) surveyed by Bloomberg each Thursday say they expect oil futures to decline in the week ahead. Only eight of 38 expect prices to increase. (Nine remain neutral.)

Additionally, falling wholesale prices point to further drops ahead for retail prices, according to Retail Fuel Watch, an oil industry weekly published by Oil Price Information Service.

“Last year at this time, we saw the national average price of gasoline increase from $4.07 to $4.10 on July 4. Fortunately, it’s a much different story this year. All the indicators reflect that the peak price is behind us and we can now expect retail gasoline prices to edge downward, even as we approach the Independence Day weekend,” said Gregg Laskoski, managing director of public relations, AAA Auto Club South.

On the New York Mercantile Exchange (NYMEX) crude oil closed Friday at $69.16 per barrel and continues to decline from the highest week-ending price seen so far this year of $72.04 per barrel on June 12.

CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline

Current Week Ago Month Ago Year Ago
National: $2.643 $2.693 $2.467 $4.072
Florida: $2.683 $2.716 $2.446 $4.036
Georgia: $2.511 $2.558 $2.314 $3.990
Tennessee: $2.494 $2.540 $2.317 $3.906

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.

Next Fuel Price Brief: Sunday, July 5, 2009