TAMPA, Fla. - Gas prices continue to fall as motorists reach mid-April. Pump prices did the exact opposite of what was forecast at the start of the year. Instead of reaching a peak price, gas prices dropped to about 40 cents less than they were this time last year.
Oil prices also decreased last week after U.S. stocks fell on reports of weak corporate earnings, lackluster demand, and a strengthened dollar. The nation's oil output also continues to make gains. According to the Energy Information Administration, oil output rose 0.4 percent during the second week of April, as gasoline demand fell.
"Given the state of supply and demand fundamentals, gas prices will likely continue on this downward path for the next few weeks," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Pump prices are about 40 cents less than they were a year ago and the price gap is expected to widen."
A barrel of oil closed Friday at $88.01 on the New York Mercantile Exchange - $3.60 less than the week prior.
The national average price of regular unleaded gasoline is $3.52, 1 cent less than last week. Florida's average of $3.47 and Georgia's average of $3.34 both fell 6 cents from last week. Tennessee's average of $3.28 decreased 5 cents.