Fuel Price Brief for the Week of January 23

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AAA Auto Club South, 1515 N West Shore Blvd, Tampa, FL 33607-4505 United States

 

 

 

TAMPA, Fla. (Jan. 23, 2011)--Oil prices moved lower last week after the Trans Alaska pipeline was repaired and resumed its normal flow of oil. The repair, coupled with a lag in U.S. demand and an increase in oil stockpiles, caused crude oil to settle Friday at $89.11 a barrel on the New York Mercantile Exchange--$1.43 less than last week.

 

Last week, the Trans Alaska pipline resumed its flow of more than 600,000 barrels a day, and the U.S. Energy Department reported a rise in crude stockpiles. Stockpiles rose more than 2.6 million barrels last week as demand slowed and fewer people traveled.

"While investors flirted with oil prices above $95 a barrel, they have been unable to sustain a price higher than $92 during the month of January. This is not too surprising since demand typically slows this time of year as consumers travel less," said Jessica Brady, spokesperson, AAA Auto Club South. "On average, the U.S. consumes 19 million barrels of oil a day and consumption is expected to increase by 240,000 barrels in 2011 as the economy recovers.

 

"Retail gas prices showed minor increases last week of no more than 2 cents a gallon and are expected to remain fairly stable again this week."

The national average price of unleaded regular gasoline is $3.11 per gallon, up 2 cents from last week. Florida’s average price of $3.14 and Georgia’s average price $3.02 increased 1 cent from last week. Tennessee’s average price of $2.97 increased 2 cents from last week, respectively.  

 

Regular Unleaded Gasoline

 

                                    Current           Week Ago      Month Ago     Year Ago     

National:                    $3.113          $3.097                  $3.025              $2.718

 

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.