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Posted: Monday, December 10th 2012 at 5:56am

Gas prices drop as end of year nears

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TAMPA, Fla. - Retail gas prices are forecast to decrease throughout the end of the year. Both oil and gas prices dropped last week after the value of the dollar increased to a two-week high.

The value of the dollar increased against the euro after the Labor Department announced the U.S. unemployment rate fell to 7.7 percent in November and Germany cut its economic growth outlook for 2013.

"Both oil and gas prices are forecast to decrease again this week on the expectation demand will continue to fall from last year's levels as supplies climb," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Although gas prices in the Southeast are still slightly higher than what motorists paid last year, the good news is they are expected to drop as the year-end holiday approaches."

A barrel of oil settled Friday at $85.93 on the New York Mercantile Exchange--$2.98 less than the week prior.

The national average price of regular unleaded gasoline is $3.35, 4 cents less than last week. Florida’s average of $3.33 and Tennessee’s average of $3.13 also decreased 4 cents from last week. Georgia’s average price of $3.26 fell 2 cents last week, respectively.

Associated Categories: Homepage, Local/State News

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