Fuel Price Brief for the Week of Nov. 7

07 November 2010

 


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

 

 INCREASED PAYROLLS, WEAK DOLLAR CAUSE PRICE OF CRUDE TO SOAR

TAMPA, Fla.(Nov. 7, 2010)—Even with a weak U.S. dollar, crude prices remained stable for three weeks and traded between $81 and $82 dollars a barrel. But last week the stability shifted with an even weaker dollar and reports U.S. payrolls increased for the first time in five months. The mixed news caused the price of crude to increase by $5.42 to settle Friday at $86.85 a barrel on the New York Mercantile Exchange.

The already weak dollar weakened further after the Federal Reserve announced it would continue its stimulus by $600 billion. Investor optimism rose after a report by the Labor Department showed an increase of 151,000 in U.S. payrolls.
 
"The mixed economic news of a weaker dollar and increased payrolls pushed crude to its highest price in months and it’s very likely the price will increase further this week," said Jessica Brady, manager, AAA Public Relations. "If unemployment continues to see signs of improvement it will spur increased fuel demand and refinery output, resulting in higher crude prices.
 
"Retail gas prices have yet to catch up to the increased price of crude and consumers can expect to see prices rise throughout the week. The average price of retail gas increased 4 cents last week and is expected to see greater gains this week."
 
The national average price of unleaded regular gasoline is $2.84 per gallon, 4 cents more than last week. Florida’s average price of $2.82, Georgia’s average price of $2.71 and Tennessee’s average price of $2.67 all reflect a 4-cent increase from last week, respectively.  
 
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
 
                                    Current           Week Ago      Month Ago     Year Ago
National:                    $2.848          $2.806                  $2.782              $2.674
Florida:                      $2.824          $2.789                  $2.771              $2.716
Georgia:                     $2.716          $2.675                  $2.672             $2.541
Tennessee:                 $2.670          $2.632                  $2.659              $2.529
 
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, November 14, 2010

 

 

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