Posted: Monday, November 4th 2013 at 5:08am
Oil prices drop, pump prices follow suit
TAMPA, Fla. -- Gas prices inched lower last week after a barrel of oil traded below $95 for the first time since June.
The value of the dollar increased last week and helped push oil prices below the $95 threshold. In addition, U.S. stockpiles rose another 4 million barrels last week, according to the Energy Information Administration. Last week was the sixth week in a row that the nation's fuel supplies increased.
"Oil supplies continue to increase even as production wanes, which is helping to push both oil and gas prices lower," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Retail gas prices are expected to move lower again this week--a trend that will likely continue throughout the month."
The cost for a barrel of oil closed last Friday at $94.61 on the NYMEX — $3.24 less than the week prior.
The national average price of regular unleaded gasoline is $3.26, 3 cents less than last week. Florida's average of $3.24 fell 5 cents, while Georgia's average of $3.23 decreased 3 cents. Tennessee's average of $3.12 also fell 3 cents from last week.
Link: AAA Fuel Gauge Report
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