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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 OIL FALLS AS DEMAND LAGS AND FEWER JOBS ADDED
TAMPA, Fla.(Jan. 9, 2010)--As expected, the price of oil dropped last week after fuel demand slowed and reports showed the U.S. added fewer jobs than forecast in December. Crude oil closed Friday at $88.03 a barrel on the New York Mercantile Exchange--$3.35 less than last week.
As holiday demand slowed, U.S. stockpiles of crude oil rose and helped push oil prices lower last week. In addition, the Labor Department reported fewer jobs were added in December than forecast. Payrolls increased by 103,000, when they were projected to increase by 150,000.
"Motorists will get a break at the pump this week as retail gas prices are expected to drop," said Jessica Brady, spokesperson, AAA Auto Club South. "A strong U.S. dollar also helped keep oil prices low last week, reducing its appeal as a commodity.
"News surfaced that the Trans-Alaska Pipeline had to shut down on Saturday after reports of a leak. The leak caused BP to reduce oil production at Alaska’s North Slope by 95 percent. At this point it is not expected to affect the price of oil or retail gas prices."
The national average price of unleaded regular gasoline is $3.08 per gallon, up 1 cent from last week. Florida’s average price of $3.11 and Georgia’s average price of $3.00 increased 2 cents from last week. And, Tennessee’s average price of $2.94 increased 1 cent from last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.088 $3.073 $2.977 $2.737
Florida: $3.117 $3.096 $2.996 $2.773
Georgia: $3.007 $2.988 $2.882 $2.666
Tennessee: $2.948 $2.936 $2.845 $2.625
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, January 16, 2011