Fuel Price Brief for the Week of March 27

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 CRUDE CLIMBS TO $105 AS UNREST IN MIDEAST SHOWS NO SIGN OF LETTING UP

TAMPA, Fla. (March 27, 2011) - The oil market shows no sign of trending after the price of crude oil shot back to settle Friday at $105.40 a barrel on the New York Mercantile Exchange--$4.33 more than last week. After two weeks of reduced oil prices, the price of crude climbed back up after the unrest in Libya and the Middle East show no signs of letting up.

Libya’s production and exports of light, sweet crude will remain on hiatus for quite some time after the unrest forced refineries to shut down and remain closed. Although Libya produces about five percent of the world’s oil supply, the country refines light, sweet crude that is universally used and is the purest and easiest oil to refine. Reports the U.S.economy grew more than expected at a 3.1 percent annual rate in the fourth quarter of 2010 also pushed oil prices higher.

"Consumers can expect retail gas prices to gain back any price drops seen in the past couple of weeks and then some," said Jessica Brady, spokesperson, AAA Auto Club South. "Gas prices already reflect the increase in oil prices, with the national average up 3 cents from last week. As long as the turmoil in the Middle East continues, we can expect to see elevated oil prices, especially when we hit the summer driving season and demand increases."

The national average price of unleaded regular gasoline is $3.57 per gallon 3 cents more than last week. Florida’s average price of $3.57 increased 1 cent, while Georgia’s average price of $3.47 increased 3 cents from last week. Tennessee’s average price of $3.42 increased 2 cents from last week, respectively.  

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

                                    Current           Week Ago      Month Ago     Year Ago

National:                    $3.578          $3.548                  $3.287              $2.806

Florida:                      $3.579          $3.563                  $3.295              $2.837

Georgia:                     $3.473          $3.445                  $3.205             $2.714

Tennessee:                 $3.424          $3.401                   $3.164            $2.687

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 3, 2011