TAMPA - Retail gas prices didn't fluctuate much from last week and remain stable near the lowest average of the year. The price in Georgia increased one-cent-a-gallon.
Although pump prices are forecast to decrease in the coming weeks, negotiations to reopen the government are keeping a little upward pressure on oil prices. However, based on supply and demand numbers, both oil and gas prices should be lower. Last week, the International Energy Agency cut its global oil demand outlook for 2014, at a time when the world's oil production is on the rise. U.S. oil output jumped to a 24-year high of almost 8 million barrels a day in September, according to the Energy Information Administration.
"When the government reopens, motorists will likely see gas prices inch back up a bit on optimism the economy will get a jump start," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Otherwise, supply and demand stats point to lower pump prices."
The cost for a barrel of oil closed last Friday at $102.02 on the NYMEX - $1.82 less than the week prior.
The national average price of regular unleaded gasoline is $3.34, 1-cent less than last week. Florida's average of $3.29 fell 2 cents, while Georgia's average of $3.24 increased a cent. Tennessee's average of $3.17 also fell a cent from last week.