TAMPA, Fla. - Retail gas prices continue on a downward path this week and remain below year-ago levels - a stray from last year, when prices steadily climbed until they peaked in April.
The market is currently pulled in both directions, with a positive economic outlook based on the recent employment data and bearish fundamentals as oil stockpiles increase. The Labor Department reported an increase in U.S. jobs, putting the jobless rate at a five-year low and boosting the fuel demand outlook. However, the nation's crude stockpiles rose by 3.8 million barrels last week, the most since June, according to the Energy Information Administration. The dollar also reached a high against the euro this year, helping to weigh down oil prices.
"Gas prices are expected to decrease further in the short-term and will likely stay below year-ago levels. However, motorists are not in the clear yet. Pump prices may inch back up in April, before peaking as initially forecast by the EIA at the start of the year," said Jessica Brady, AAA spokeswoman, The Auto Club Group.
A barrel of oil closed Friday at $91.95 on the New York Mercantile Exchange - $1.27 more than the week prior.
The national average price of regular unleaded gasoline is $3.70, 5 cents less than last week. Florida's average of $3.77 and Tennessee's average of $3.53 both decreased 5 cents as well. Georgia's average of $3.64 fell 7 cents from last week, respectively.
Wednesday
October 23rd, 2024
8:31PM
