TAMPA, Fla. – The price of crude oil remains at $100 a barrel after the Labor Department reported U.S. payrolls increased by 54,000 in May, the least amount added in the past eight months. Crude oil settled Friday at $100.22 a barrel on the New York Mercantile Exchange--37 cents less than last week.
U.S. factories cut payrolls last month, citing the first cut in the past seven months. As a result, the unemployment rate increased to 9.1 percent from 9 percent. Oil supplies continue to grow, with stockpiles advancing by 2.8 million barrels last week for a total of 373 million barrels in the nation's stockpiles, according to the Energy Department.
"The economic growth is showing signs of a slowdown and with that comes a decrease in fuel demand," said Jessica Brady, spokesperson, AAA Auto Club South. "Oil may drop below $100 this week after the pessimistic job report, but fuel prices are likely to remain relatively stable with little fluctuation."
The national average price of unleaded regular gasoline is $3.77 a gallon, 2 cents less than last week. Florida’s average price of $3.68 is 6 cents less than last week, while Georgia’s average price of $3.62 is 7 cents less than last week. Tennessee’s average price of $3.53 per gallon reflects a 5-cent decrease from last week, respectively.
| CURRENT AND PAST PRICE AVERAGES - Reg. Unleaded Gasoline |
| |
Current |
Week ago |
Month Ago |
Year ago |
| National |
$3.775 |
$3.790 |
$3.984 |
$2.721 |
| Florida |
$3.685 |
$3.740 |
$3.938 |
$2.686 |
| Georgia |
$3.624 |
$3.694 |
$3.886 |
$2.586 |
| Tennessee |
$3.530 |
$3.586 |
$3.786 |
$2.562 |
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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