Monday, April 8, 2013

Georgia gas prices drop another four cents a gallon to $3.46; now 40 cents lower than a year ago

Media release: Retail gas prices continue to follow the downward trend seen in March as bearish economic news does not support speculation of increased fuel demand.

Crude prices made steep declines last week after the Labor Department reported payrolls increased by 88,000 in March, the smallest increase in nine months and less than half of the expected gain of 190,000. In addition, U.S. stockpiles of crude oil increased by more than two million barrels during the last week of March, according to the Energy Information Administration.

At this time last year, retail gas prices were climbing their way to the year's peak average of $3.94 nationally. During the entire month of April, motorists paid more than $3.80 a gallon for regular retail gasoline.

"Although gas prices were expected to rise in April, the first week shows signs of a continued decline in prices at the pump," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "The economic news released last week does not support increased fuel demand and means motorists will likely see falling gas prices again this week."

A barrel of oil closed Friday at $92.70 on the New York Mercantile Exchange — $4.53 less than the week prior.

The national average price of regular unleaded gasoline is $3.60, 4 cents less than last week. Florida's average of $3.59 fell 5 cents and Tennessee's average of $3.39 decreased 4 cents. Georgia's average of $3.46 also fell 4 cents from last week, respectively. Visit AAA's Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.


Regular Unleaded Gasoline

                                Current                  Week Ago             Month Ago           Year Ago

National:                                 $3.601                         $3.636             $3.712                 $3.932

Florida:                                    $3.592                         $3.640             $3.786                 $3.971

Georgia:                                   $3.461                         $3.502           $3.663                 $3.858

Tennessee:                              $3.389                       $3.432             $3.544                 $3.795

No comments: