Fuel Price Brief for the Week of September 19

 

 

 

TAMPA, Fla. (Sept. 19, 2010)—Oil prices dropped last week after the Enbridge pipeline resumed oil flow on Friday and began its supply of oil to refineries in the Midwest. It was thought the pipeline would take longer to repair, limiting oil supply to refineries and causing the price of crude to increase further.

 

Another factor that pushed the price of crude oil lower was a report released last week that showed the consumer sentiment index dropped to 66.6 when economists expected the index to rise to 70. Consumer demand remains weak and is a solid indicator crude prices may stay below $75 a barrel, barring any major storm in the Gulf of Mexico that could affect refineries.

 

Crude oil settled Friday at $73.64 barrel on the New York Mercantile Exchange and reflects a decrease of $2.81 from last week.

 

"Oil prices continue to fluctuate between $70 and $80 a barrel and, for the most part, this price range has kept retail gas prices affordable for many consumers," said Angie LaPlant, director, AAA Public Relations. "Consumers will see a decrease in retail gas prices this week and after recent announcements about the economy, it is very possible the price of crude oil may decline further next week."

 

The national average price of unleaded regular gasoline is $2.73 per gallon, 4 cent more than last week. Florida’s average price of $2.71 and Georgia’s average price of $2.62 both reflect a 6 cent increase from last week, respectively. Tennessee’s average price of $2.59 is 8 cents more than week.  

 

Regular Unleaded Gasoline

 

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.