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FUEL PRICE BRIEF CONTACT: For your local media contact visit www.AAA.com/Media Jessica Brady, manager, AAA Public Relations, office: (813) 288-7294; cell: (813) 532-5327, JBrady@AAASouth.com |
PRICE OF CRUDE OIL DROPS AFTER MUBARAK RESIGNATION
TAMPA, Fla. (Feb. 13, 2011)—Investors are less concerned the protests in Egypt will spread to neighboring countries or disrupt oil transports along the Suez Canal after Egyptian President, Hosni Mubarak, stated his resignation. The announcement put both protesters and investors at ease and lowered the price of crude oil which settled Friday at $85.58 a barrel on the New York Mercantile Exchange—$3.45 less than last week.
Now that the concern over Egypt is somewhat settled, the price of oil will begin to trade at prices based on supply and demand, economic conditions, and the value of the U.S. dollar. Crude inventories continue to increase with reduced demand and the U.S. dollar has gained momentum and maintained its strength against other currencies like the euro—a combination that will help keep the price of crude below $90 a barrel.
"Consumers can expect to see retail gas prices decrease this week and it’s likely prices will continue to drop next week," said Jessica Brady, spokesperson, AAA Auto Club South. "Increased inventories coupled with a strong dollar and reduced demand should push crude prices lower and keep gas prices at bay."
The national average price of unleaded regular gasoline is $3.12 per gallon and remains unchanged from last week. Florida’s average price of $3.13 increased 1-cent from last week. While Georgia’s average price of $3.06 increased 5 cents and Tennessee’s average price of $2.99 increased 3 cents from last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.128 $3.124 $3.095 $2.622
Florida: $3.135 $3.125 $3.130 $2.662
Georgia: $3.062 $3.013 $3.015 $2.510
Tennessee: $2.991 $2.963 $2.960 $2.500
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.
Next Fuel Price Brief: Sunday, February 20, 2011