Posted: Monday, September 16th 2013 at 5:04am
Oil and gas prices plunge as Syria talks continue
TAMPA, Fla. - The price of oil is retreating as the United States and Russia met to discuss convincing Syria to surrender its chemical weapons. The cost for a barrel of oil closed last Friday at $108.21 on the NYMEX - $2.32 less than the week prior.
"The market has settled since President Obama decided against an air strike on Syria," said Mark Jenkins, AAA spokesman, The Auto Club Group. "Although Syria does not produce oil, there was concern that a U.S. led attack would cause violence to spillover into neighboring oil-producing countries. It appears that is no longer a concern at the moment."
Meanwhile, gas prices continue their usual September decent. Demand is declining and many refineries are switching to the cheaper winter-blend gasoline. The summer-blend is more expensive, because it contains additives to help it burn more efficiently during the hot summer months. The winter-blend does not require those additives.
The national average price of regular unleaded gasoline is $3.52, five cents less than last week. Florida's average of $3.47 decreased seven cents from last week, while Georgia's average of $3.40 dropped nine cents from last week. Tennessee's average of $3.31 also decreased six cents from last week.
Link: AAA Fuel Gauge Report
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