TAMPA, Fla. - Although retail gas prices continued to fall last week, the price of crude oil increased slightly after the value of the U.S. dollar fell to a one-week low against the euro. Crude oil settled Friday at $100.59 a barrel on the New York Mercantile Exchange—$1.10 more than last week.
The value of the dollar fell after reports showed consumer spending in the U.S. increased less than forecast for the month of April. In addition, the G-8 met last week and said the economic recovery is strengthening which gave a boost to the price of oil.
"Oil is projected to increase this week as unrest in the Middle East escalates in Yemen and Syria," said Jessica Brady, spokesperson, AAA Auto Club South. "OPEC may increase oil production after their June 8 meeting as a result of disruptions to Libya's exports. However, retail gas prices continued to drop and consumers may see prices fall again this week, although the rate of decrease will start to slow if oil prices increase this week as anticipated."
The national average price of unleaded regular gasoline is $3.79 a gallon, 6 cents less than last week. Florida’s average price of $3.74 is 8 cents less than last week, while Georgia’s average price of $3.69 is 12 cents less than last week. Tennessee’s average price of $3.58 per gallon reflects a 9-cent decrease from last week, respectively.
| CURRENT AND PAST PRICE AVERAGES for Reg. Unleaded Gasoline |
| |
Current |
Week ago |
Month Ago |
Year Ago |
| National |
$3.790
|
$3.852 |
$3.909
|
$2.741 |
| Florida |
$3.740 |
$3.823
|
$3.860 |
$2.738 |
| Georgia |
$3.694 |
$3.814 |
$3.778 |
$2.640 |
| Tennessee |
$3.586 |
$3.679 |
$3.715 |
$2.613 |
AAA’s Daily Fuel Gauge Report is updated each day and reflects actual prices from credit card transactions within the past 24 hours at two-thirds (100,000) gasoline stations in the U.S. Its accuracy is unparalleled.
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