FUEL PRICE BRIEF
CONTACT: For your local media contact visit www.AAA.com/Media
Jessica Brady, manager, AAA Public Relations,
CRUDE OIL PRICES FALL AS CONSUMER SENTIMENT DROPS TO 30-YEAR LOW
TAMPA, Fla. (August 15, 2011) -- Crude oil prices fell even further this week as consumer confidence dropped to a 30-year low signaling a decrease in fuel demand. A Thomson Reuters/University of Michigan report showed consumer sentiment fell to 54.9 from 63.7 from July. Crude oil settled Friday at $85.38 a barrel on the New York Mercantile Exchange—$1.50 less than the week prior.
"Economic growth is not only slow in the U.S. but in Europe as well and is expected to keep oil prices below $90 a barrel throughout the remainder of the month," said Jessica Brady, spokesperson, AAA Auto Club South. "Some retailers are slow to drop prices at the pump since the market is so volatile at this time. However, consumers should start to see retail gas prices fall even further this week as a result of crude oil continuing to trade below $90 a barrel."
The national average price of regular unleaded gasoline is $3.59 per gallon, a 7-cent decrease from last week. Florida’s average price of $3.60 also reflects a 7-cent decrease, while Georgia’s average price of $3.54 fell 11 cents. Tennessee’s average price of $3.46 decreased 8 cents from last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.594 $3.663 $3.674 $2.755
Florida: $3.604 $3.670 $3.663 $2.709
Georgia: $3.545 $3.650 $3.666 $2.632
Tennessee: $3.468 $3.542 $3.534 $2.591
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, August 21, 2011