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Posted: Monday, November 26th 2012 at 5:00am

Gas prices to fall despite pre-holiday jump

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TAMPA, Fla. – Although gas prices were forecast to fall before the Thanksgiving holiday, many residents in the Southeast saw prices jump upwards of 10 cents. Despite the recent hike in prices, retail gas prices are forecast to decrease into December.

"Both oil and gas prices are forecast to decrease after the cease fire agreement between Israel and Hamas,” said Jessica Brady, AAA spokeswoman, The Auto Club Group. "The tensions between Israel and its surrounding nations caused oil prices to increase which may have led to the hike in retail gas prices before the holiday weekend.”

Now that tensions in the Mideast have eased, it’s likely retail gas prices will continue the downward trend prior to the Thanksgiving holiday.

A barrel of oil closed Friday at $88.28—$1.61 more than the week prior.

The national average price of regular unleaded gasoline is $3.43, 1 cent more than last week. Florida’s average of $3.39 increased 5 cents from last week. Tennessee’s average of $3.17 rose 2 cents from last week. Georgia’s average price of $3.28 increased 3 cents from last week, respectively. Visit AAA’s Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.

Link: AAA Daily Fuel Gauge Report
Associated Categories: Homepage, Business News, Local/State News

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