FUEL PRICE BRIEF
CONTACT: For your local media contact visit www.AAA.com/Media
Jessica Brady, manager, AAA Public Relations,
WEAK U.S. DOLLAR DRIVES UP PRICE OF OIL
TAMPA, Fla. (April 10, 2011)—The U.S. dollar dropped to its lowest level in more than a year and drove up the price of crude oil to settle Friday at $112.79 a barrel on the New York Mercantile Exchange—$4.85 more than last week. A weak dollar makes crude oil more appealing as commodity to foreign investors and increases the price of oil.
Last week’s attacks on Libya’s Sarir oil field also pushed crude prices higher after it signaled an increased delay in the country’s oil production and exports, even if Libya’s conflict comes to a resolution. The attacks on the oil field increased investor concern that Libya’s oil refining will remain at reduced levels for months to come.
"The price of regular retail gasoline increased more than 10 cents nationally for an average of $3.76 a gallon and prices are expected to increase further this week," said Jessica Brady, spokesperson, AAA Auto Club South. "The weak U.S. dollar coupled with the continued turmoil in the Middle East and North Africa will likely sustain the already high oil and gas prices as we head into the summer months."
The national average price of unleaded regular gasoline is $3.76 per gallon, 12 cents more than last week. Florida’s average price of $3.76 and Tennessee’s average price of $3.60 both increased 10 cents from last week. Georgia’s average price of $3.63 increased 11 cents from last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.761 $3.645 $3.542 $2.863
Florida: $3.764 $3.661 $3.577 $2.884
Georgia: $3.632 $3.526 $3.481 $2.748
Tennessee: $3.600 $3.504 $3.418 $2.755
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.
Next Fuel Price Brief: Sunday, April 17, 2011
AAA Auto Club South, 1515 N West Shore Blvd, Tampa, FL 33607-4505 United States