Media release: Gas prices continued to fall last week despite the 38 million travelers who were projected to hit the road during the holiday weekend. Demand for gasoline still lags behind last year's numbers and Europe's financial problems continue to weigh down oil prices. Although the national average price for a gallon of regular retail gasoline decreased 5 cents from last week, the price of crude oil remains relatively unchanged. Crude oil settled at $96.77 a barrel last week on the New York Mercantile Exchange—64 cents less than the week prior.
Although oil prices remain stable at this time, demand for diesel and heating oil has increased causing U.S. stockpiles of crude to drop by 6.2 million barrels during the week of November 13. While crude stockpiles decreased, gasoline inventories increased 4.5 million barrels during the same week.
"The price of oil will yo-yo as long as there is not a solid plan in place to resolve Europe's debt issues," said Jessica Brady, AAA spokesperson, The Auto Club Group. "However, if gasoline demand remains weak, consumers could see prices at the pump fall even further as we enter the holiday season."
The national average price of regular unleaded gasoline decreased 5 cents from last week for an average of $3.30 per gallon. Florida's average price of $3.32 decreased 4 cents from last week and Georgia's average of $3.19 fell 9 cents. Tennessee's average price decreased 7 cent from last week, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $3.300 $3.359 $3.448 $2.859
Florida: $3.322 $3.369 $3.433 $2.858
Georgia: $3.196 $3.280 $3.383 $2.725
Tennessee: $3.119 $3.187 $3.286 $2.676
AAA's Daily Fuel Gauge Report (fuelgaugereport.com) is updated each day and is the most comprehensive; reflecting actual prices from credit card transactions within the past 24 hours at two-thirds (100,000 stations) of the gasoline stations in the U.S. Its accuracy is unparalleled.
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