Posted: Monday, May 5th 2014 at 5:15am
Gas prices on the decline
TAMPA, Fla. – Record levels of crude oil and increasing gasoline production pushed retail prices down this week. This is the second straight week of declines for gasoline in Florida, and now prices in Georgia and Tennessee are following suit, according to the latest fuel price brief from AAA South.
"This is encouraging news for motorists who have seen prices steadily rise since February," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "It is likely that gas prices have hit their spring peak, which often becomes the highest price of the year."
Crude oil stocks are having a large impact on gas prices. Gulf Coast refineries, where most of the country's gasoline is produced, have record levels of crude. Gasoline production also reached the highest weekly number ever reported, according to the Department of Energy. Most refineries are now fully operational after reducing their output during spring maintenance season. We have also surpassed the May 1 deadline to switch to summer-blend fuel, which puts a strain on distributors.
Sunday's national average for a gallon of regular unleaded gasoline is $3.68, 2 cents cheaper than last week. Florida's average of $3.71 fell 3 cents, Georgia’s average of $3.68 fell 1-cent, while Tennessee's average of $3.50 fell 2 cents.
Link: AAA Fuel Gauge Report
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