Posted: Sunday, July 20th 2014 at 10:15pm
AAA: Malaysian airline crash pushes oil prices higher
TAMPA, Fla. — News that a Malaysian Airliner was shot down quickly put upward pressure on the price of oil. West Texas Intermediate closed the week at $103.13 a barrel on the NYMEX on Friday - an increase of $2.30 from last week.
"Oil rose on concerns that violence could spread in response to the crash," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gas prices are currently falling more than a half cent a day, but geopolitical tension could slow the rate of discount at the pump this week."
The national and Florida average prices for a gallon of regular unleaded are 5 cents cheaper than last week and fell for the 23rd consecutive day on Sunday. Prices in Georgia and Tennessee fell 4 cents last week. Georgia prices are on a 27-day streak of declines. Tennessee prices fell for the 25th consecutive day.
The current average price for a gallon of regular gasoline in Georgia is $3.47.
Link: AAA Fuel Gauge Report
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