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Sun, Jul 13, 2014

Gas prices continue on slow descent

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TAMPA, Fla. -- Pump prices moved slightly lower last week on falling demand numbers, according to data collected by The Auto Club Group.

Gasoline consumption dropped for the fifth week in a row, according to the Energy Information Administration.

After the price for a barrel of oil jumped nearly $7, it moved lower when the agency reported gasoline inventories rose the most in 11 months during the first week of December. Total fuel demand is down 7 percent, the least since October.

"Drivers should see gas prices move lower this week. However, the decrease may be fleeting, since the Christmas holiday is next week," said Jessica Brady, spokeswoman for AAA.

A few weeks ago, it looked like Thanksgiving travelers would pay some of the lowest pump prices of the year. Instead, millions of motorists watched gas prices spike, she said.

“It’s not likely gas prices will jump as high as they did before Thanksgiving, but they may gain back any losses made during the two weeks prior to Christmas,” Brady said.

The national average for a gallon of regular, unleaded gasoline is $3.23, 3 cents less than last week.

Florida's average of $3.39 and Georgia’s average of $3.19 both fell 4 cents from last week.

Tennessee's average of $3.08 decreased 5 cents from last week, while the average gallon of gas in Florida and Georgia fell 4 cents from last week.

To find out more information about the price of gas in other states, visit http://fuelgaugereport.aaa.com.


-- Marie Kemph, mkemph@murfreesboropost.com

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AAA, Economy, Energy, Finance, Gasoline, Tennessee, Travel
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