Posted: Monday, September 23rd 2013 at 5:21am
AAA: Oil hits 1-month low, gas price plunge continues
TAMPA, Fla. ─ Pump prices continue their usual September decent as demand weakens and supplies increase. Despite the decline, the national average for a gallon of regular unleaded remains well above $3.00 for the 1,007th day in a row. The streak of $3.00 gas prices also continue in Florida (1008 days), Georgia (962 days) and Tennessee (948 days).
“It’s normal for prices to fall in September,” said Mark Jenkins, AAA spokesman, The Auto Club Group. “The summer driving season is over, demand is down, and refineries are switching to the cheaper winter-blend gasoline.”
Since September 1, the national average for a gallon of regular unleaded has fallen 12 cents. Florida’s average has decreased 15 cents, Georgia’s average fell 20 cents and there was a 13 cent decline in Tennessee. “Prices could continue to fall another 5 to 10 cents before the end of the month,” Jenkins continued, “but it’s unlikely they’ll go below $3.00 anytime soon.”
Last week, the price of oil fell to $104.67 on the NYMEX. That was the lowest settlement since August 21, 2013 and the biggest weekly drop in three months. The decline is credited to a rise in Libya’s oil production and the diminished threat of military strikes against Syria. The cost for a barrel of oil eventually settled last Friday at 104.67 on the NYMEX - $3.54 less than the week prior ($108.21).
The national average price of regular unleaded gasoline is $3.48, four cents less than last week. Florida's average of $3.41 decreased six cents from last week, while Georgia's average of $3.32 dropped eight cents from last week. Tennessee's average of $3.25 also decreased six cents from last week.
Link: AAA Daily Fuel Gauge Report
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