Posted: Monday, October 31st 2011 at 6:53am
Ga. gas prices down 3 cents from a week ago
TAMPA, Fla. - Georgia gasoline prices are down 3 cents a gallon from a week ago following steady increases during the previous two weeks, according to AAA Auto Club South.
A barrel of oil rose to its highest settlement since July to close Friday at $93.32 a barrel on the New York Mercantile Exchange (NYMEX)—$5.92 more than the week prior. The last time oil traded higher than $90 a barrel was on July 29, when it settled at $95.70 on the NYMEX. At that time, the national average price for a gallon of regular retail gasoline was $3.83, a quarter more than today's average.
Oil prices increased last week after reports showed the U.S. economy grew more than expected in the third quarter and European leaders came to an agreement on how to solve Europe's debt issues. The U.S. economy expanded by 2.5 percent in the third quarter of this year, up from the 1.3 percent growth seen in the second quarter. The consumer sentiment index also showed slight improvements for the month of October, moving from 59.4 in September to 60.9 this month, according to a Thomson Reuters/University of Michigan report.
"Oil prices continue their upward trend as positive U.S. economic news is released at the same time European leaders are showing optimism on a resolution to correct the European debt crisis," said Jessica Brady, AAA spokesperson, The Auto Club Group. "Both oil and gas prices are expected to rise this week as demand for heating oil increases after the Northeast region of the U.S. was hit with the worst snowstorm in 32 years."
The national average price of regular unleaded gasoline is $3.44 per gallon, 1-cent less than last week. Florida’s average price of $3.42 decreased 4 cents from last week. While both Georgia’s average price of $3.37 and Tennessee’s average price of $3.27 fell 3 cents from last week, respectively.
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