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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 |
OIL MAKES FURTHER GAINS AFTER POSITIVE ECONOMIC NEWS
TAMPA, Fla.(April 3, 2011)—The price of crude oil advanced again last week after the U.S. Labor Department reported payroll gains were greater than projected. Payrolls increased 216,000 in March when they were projected to increase 190,000. The increase boosted investor confidence that demand is on the rise going into the summer driving season. The unemployment rate also dropped in March from 8.9 percent to 8.8 percent.
The unrest continues in Libyaafter Moammar Gadhafi’s troops advanced against the rebels, causing them to further retreat. Other Middle Eastcountries face turmoil as well such as Yemen, Bahrain, and Irancreating uncertainty in the oil market. Crude oil settled Friday at $107.94 a barrel on the New York Mercantile Exchange—$2.54 more than last week. This is the highest settlement since September 2008.
"Oil prices continue to move higher as we get closer to the summer driving season," said Jessica Brady, spokesperson, AAA Auto Club South. "The unrest in the Mideastwill sustain the already high oil prices, but coupled with positive economic news in the U.S.prices are likely to move even higher. Retail gas prices will increase this week as well, with the national average already jumping 7 cents since last week for an average of $3.64.
The national average price of unleaded regular gasoline is $3.64 per gallon 7 cents more than last week. Florida’s average price of $3.66 increased 9 cents, while Georgia’s average price of $3.52 increased 5 cents from last week. Tennessee’s average price of $3.50 increased 8 cents from last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.645 $3.578 $3.471 $2.820
Florida: $3.661 $3.579 $3.516 $2.841
Georgia: $3.526 $3.473 $3.408 $2.726
Tennessee: $3.504 $3.424 $3.352 $2.695
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 10, 2011