FUEL PRICE BRIEF
Jessica Brady, manager, AAA Public Relations,
INCLEMENT WEATHER CAUSES GAS PRICES TO RISE
TAMPA, Fla. (Sept. 4, 2011)--The trading price of crude oil inched up slightly last week as news of Tropical Storm Lee threatened Gulf refineries. Tropical Storm Lee caused multiple companies to shutdown and evacuate refineries in the Gulf of Mexico cutting off 48 percent of output quotas.
Hurricane Katia has yet to make landfall, but is threatening the East coast of the U.S. Currently a Category 2 hurricane, Katia has the potential to damage refineries along the East coast, which could push oil and gas prices higher. Crude oil closed Friday at $86.45 a barrel on the New York Mercantile Exchange--$1.08 more than the week prior.
"Retail gas prices rose an average of 5 cents last week in the Southeast and are expected to increase further this week after Lee disrupted Gulf refining," said Jessica Brady, spokesperson, AAA Auto Club South. "Normally, oil would trade at higher prices as a result of the storms, but bearish economic news is keeping downward pressure on prices."
The national average price of unleaded regular gasoline is $3.66 a gallon, 6 cents more than last week. Florida’s average price of $3.61, Georgia’s average price of $3.58, and Tennessee’s average price of $3.48 all increased 5 cents from last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.662 $3.609 $3.700 $2.683
Florida: $3.617 $3.569 $3.702 $2.626
Georgia: $3.587 $3.538 $3.696 $2.544
Tennessee: $3.488 $3.437 $3.568 $2.500
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, September 11, 2011
AAA Auto Club South, 1515 N West Shore Blvd, Tampa, FL 33607-4505 United States