Fuel Price Brief for the Week of October 3

04 October 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 
 
 PRICE OF CRUDE SOARS AS DOLLAR FALLS TO LOWEST LEVEL IN SIX MONTHS
 
 TAMPA, Fla. (Oct. 4, 2010)—The U.S. dollar steadily decreased in value last week against the euro, hitting a six month low, increasing the appeal of crude oil as a commodity for foreign investors.
 
In addition, China’s manufacturing gains are up, a sign their economy is growing and demand for oil will increase in the country. U.S. consumer spending for August increased more than expected according to the Commerce Dept., a positive sign that boosted investor confidence.
 
"The price of crude rose unexpectedly last week as a result of multiple factors increasing investor confidence," said Jessica Brady, manager, AAA Public Relations. "Consumers will see a jump in retail gas prices as a result of the $5 spike in the price of crude. Crude oil may rise again next week if the U.S. dollar remains weak and supplies decrease further. However, the decrease in supplies may not be directly related to increased consumer demand, but instead the shortened supply from closed refineries in maintenance periods."
 
The price of crude oil settled Friday at $81.58 a barrel on the New York Mercantile Exchange, an increase of $5.09 from the week prior.
 
The national average price of unleaded regular gasoline is $2.71 per gallon, a 2 cent increase from last week. Florida’s average price of $2.70, Georgia’s average price of $2.60, and Tennessee’s average price of $2.57 all reflect a 2 cent increase from last week, respectively. 
 
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
 
                                    Current           Week Ago      Month Ago     Year Ago
National:                    $2.718          $2.694                  $2.683              $2.461
Florida:                       $2.701         $2.7684                  $2.626              $2.402
Georgia:                     $2.601          $2.585                  $2.544             $2.268
Tennessee:                 $2.571          $2.554                  $2.500              $2.263
 
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, October 10, 2010

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