Posted: Monday, March 4th 2013 at 6:21am
Pump prices begin to retreat
TAMPA, Fla. – For the first time since January, the weekly average for a gallon of gas has retreated. Gas prices steadily climbed since mid-January and broke records, making February’s average of $3.65 the highest in history.
Oil prices also fell last week after reports of poor manufacturing data in China and Europe created concern of a decrease in global fuel demand. The value of the dollar also increased against foreign currencies and helped push oil prices lower. In addition, the Energy Information Administration reported U.S. crude inventories rose more than a million barrels last week.
"We’re starting to see the inflated price of oil and gas drop to more appropriate levels given the economic circumstances," said Jessica Brady, spokeswoman, AAA-The Auto Club Group. "This is the first week since January that gas prices have decreased. Hopefully this trend continues throughout March. However, March is the peak time for refinery maintenance to occur which could keep upward pressure on gas prices.
“Motorists should see gas prices ease back a little more this week.”
A barrel of oil closed Friday at $90.68 on the New York Mercantile Exchange — $2.45 less than the week prior.
The national average price of regular unleaded gasoline is $3.75, 3 cents less than last week. Florida’s average of $3.82 decreased 5 cents from last week, as did Tennessee’s average of $3.58. Georgia’s average of $3.71 fell 6 cents from last week, respectively.
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