Posted: Monday, October 15th 2012 at 5:57am
Gas prices reverse downward trend
TAMPA, Fla. - Oil and retail gas prices moved slightly higher last week as tensions with Syria generated concerns of supply disruptions in the Middle East. Falling U.S. jobless claims also pushed prices a little higher.
Although gas prices in the Southeast increased, the region still has some of the lowest prices in the country. However, oil and gas prices could fall this week after the International Energy Agency (IEA) cut global demand for 2013 because of slow economic growth across the globe and Europe's continued financial woes.
"Motorists may see gas prices drop this week as U.S. supplies increase faster than demand," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "If prices do fall, the loss will likely be minimal since there is still Mideast concerns placing upward pressure on the market."
A barrel of oil settled Friday at $91.86 on the New York Mercantile Exchange--$1.98 more than the week prior.
The national average price of regular unleaded gasoline is $3.79, 2 cents less than last week. Florida’s average of $3.72 increased 4 cents from last week. Georgia's average of $3.63 rose 5 cents from last week and Tennessee’s average of $3.55 rose 3 cents from last week, respectively.
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