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Posted: Monday, November 19th 2012 at 5:03am

Violence in Mideast may stop falling oil prices

EMAIL STORY CONTACT EDITOR PRINT
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TAMPA, Fla. – Although gas prices are expected to fall throughout the Thanksgiving holiday, the rate of decrease is expected to slow as violence in the Middle East has resurfaced concerns of a supply disruption in the region. If tensions continue to escalate between Israel and its neighboring countries, it could reverse the downward trend in oil and gas prices seen during the past few weeks.

"Whenever violence escalates in the Middle East as it has with Israel and its surrounding countries, oil prices are sure to increase," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "The current conflict overseas means motorists may not see gas prices fall as much as recently forecast. Right now, tensions in the Mideast have increased concerns of oil supply disruptions in the region which have the potential to reverse the downward trends in both oil and gas prices.

“In the short term, Thanksgiving travelers shouldn’t see gas prices spike before the holiday, but instead may see prices remain relatively flat.”

However, economic news and fuel demand remain bleak in some of the world’s largest oil-consuming countries. If Mideast tensions are eased, motorists can expect gas prices to decrease as initially forecast throughout the end of the year.

A barrel of oil closed Friday at $86.67—60 cents more than the week prior.

The national average price of regular unleaded gasoline is $3.42, 2 cents less than last week. Florida’s average of $3.33 and Tennessee’s average of $3.15 both dropped 3 cents from last week. Georgia’s average price of $3.25 increased 2 cents from last week, respectively

Associated Categories: Homepage, Business News, Local/State News

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