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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 |
MIDEAST UNREST CAUSES CONCERN IN OIL MARKET
TAMPA, Fla. (Feb. 20, 2011)—As concerns over the protests in Egypt settled, unrest in other Mideast countries brought worry back to the surface of the oil market. Investors are keeping a watchful eye on the protests in Bahrain and Yemen and are concerned the unrest could escalate and disrupt oil production in the neighboring country of Saudi Arabia.
So far, there have been no major disruptions in oil supply or production, according to the International Energy Agency (IEA). Oil reserves are said to be plentiful with the ability for increased oil production if necessary. While oil investors closely monitor the issues in the Middle East, Friday’s closing price of $86.20 a barrel on the New York Mercantile Exchange rose only 20 cents from the week prior.
"Although investor concerns about the Mideast and North Africa are legitimate, since they account for 35 percent of the world’s oil supply and reserves, the unrest has not affected oil production or exports," said Jessica Brady, spokesperson, AAA Auto Club South. "Retail gas prices are starting the week a little higher, with a 4-cent increase in the national average from last week. Depending on what happens this week in the Middle East, the price of oil and gas could make further gains."
The national average price of regular unleaded gasoline is $3.16 per gallon, an increase of 4 cents from last week. Florida’s average price of $3.15 increased 2 cents. And, Georgia’s average price $3.09 and Tennessee’s average price of $3.02 both increased 3 cents from last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.168 $3.128 $3.117 $2.634
Florida: $3.150 $3.135 $3.149 $2.676
Georgia: $3.094 $3.062 $3.031 $2.545
Tennessee: $3.021 $2.991 $2.976 $2.502
AAA’s Daily Fuel Gauge Report is updated each day and offers the most comprehensive list of present and historic fuel prices. Retail prices reflect 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 27, 2011