Posted: Monday, July 14th 2014 at 6:16am
Oil plunges, pushes gasoline to 3-month lows
TAMPA, Fla. — The price of oil dropped for the third consecutive week, pushing retail prices to their lowest level in months. Sunday, the national average price for a gallon of regular unleaded gasoline fell for the 16th consecutive day. Since last week, the average price fell 4 cents to $3.62, the cheapest price since April.
Oil settled at its lowest price in two months on the NYMEX as U.S. stockpiles increased last week and supply risks eased in Iraq and Libya. The price for a barrel of oil settled at $100.83 Friday, a $3.23 decline from a week ago.
"Oil prices hit a free-fall at the end of last week," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "As a result, motorists in the southeast could see prices at the pump fall 10 to 20 cents in the next two weeks."
The average price for a gallon of regular unleaded gasoline in Florida is 3 cents cheaper than last week and the lowest since March 25. In Georgia, the average price is 4 cents cheaper than last week and the lowest since April 7. In Tennessee, the price is 4 cents cheaper than last week, the lowest since April 4. Gas prices are on a streak of declines, falling 16 consecutive days in Florida, 20 days in Georgia, and 18 in Tennessee.
Link: AAA Fuel Gauge Report
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