cloudy
Sunday August 30th, 2015 10:04AM

Crude oil prices drop to 12-week low, pump prices lower

By Staff
TAMPA, Fla. - Amicable talks with Iran's leadership, a possible government shutdown, and easing tensions with Syria pushed oil prices near $100 a barrel last week. As a result of the lower cost of crude, fall gas prices are expected to continue on a downward trend.

Talks with Iran could mean a removal of sanctions and the return of Iranian oil to the market. Currently, the oil market is well stocked. Crude inventories unexpectedly rose for the first time in a month by about 3 million barrels, according to the Energy Information Administration (EIA). The EIA initially forecast a 1 million barrel increase in supplies.

"At this time, every indicator points to lower gas prices," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Southeast gas prices are about 20 to 25 cents less than they were a month ago and are well below last year's averages at this time. Fuel prices will likely remain affordable and could reach close to $3 a gallon if prices continue to drop as forecast."

A barrel of oil settled Friday at $102.87 on the New York Mercantile Exchange-$1.80 less than the week prior.

The national average price of regular unleaded gasoline is $3.41, 7 cents less than last week. Florida's average of $3.35 and Georgia's average of $3.26 both fell 6 cents from last week. Tennessee's average of $3.21 decreased 4 cents from last week.
© Copyright 2015 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
S&P 500 index has its best year since 1997
The stock market closed out a record year with more all-time highs on Tuesday, giving U.S. indexes their biggest annual gains in almost two decades.
6:56PM ( 1 year ago )
Colorado readies for 'Green Wednesday' pot sales
Police were adding extra patrols around pot shops in eight Colorado towns that plan to allow recreational sales to anyone over 21 on Jan. 1.
1:52PM ( 1 year ago )
Kerry seeks framework for Mideast peace talks
A senior State Department official says Secretary of State John Kerry will try this week to get Israel and the Palestinians to agree on a framework for negotiating a final peace agreement, yet cautions against raising expectations for Kerry's latest round of shuttle diplomacy.
1:35PM ( 1 year ago )
U.S. News
Missing Ga. bank director arrested in Brunswick
A bank director accused of losing millions of investors' dollars before vanishing last year was arrested Tuesday during a traffic stop in a city in south Georgia.
7:00PM ( 1 year ago )
Amtrak to suspend some Crescent service in Jan., Feb.
Amtrak service will shut down in parts of the Southeast for several days in January and February for rail maintenance by Norfolk Southern Railway.
9:00AM ( 1 year ago )
Lung cancer scans urged for some smokers, not all
Certain current or former heavy smokers should start getting yearly scans for lung cancer to cut their risk of death from the nation's top cancer killer, government advisers said Monday - even as they stressed that the tests aren't for everyone.
7:26AM ( 1 year ago )
Business News
Sex offender held in Hall County for failing to register
A 47-year-old man was booked into the Hall County Jail Tuesday, being held without bond for allegedly failing to register as a sex offender, his second such arrest.
6:09PM ( 1 year ago )
Pharmacy robberies may involve same suspect
Oakwood Police Tuesday afternoon released details in a pharmacy robbery they're investigating, similar to one that happened in the Hall County Tuesday morning.
5:46PM ( 1 year ago )
Victim critical following apartment fire
A 41-year-old woman was in critical but stable condition Tuesday after being rescued from an apartment fire in Forsyth County late Monday afternoon.
3:16PM ( 1 year ago )
Local/State News
McDonald's has 200 part-time jobs available in Hall, Gwinnett counties
The Georgia Department of Labor (GDOL) will help McDonald’s fill about 200 part-time jobs at restaurants in Hall and Gwinnett counties next week.
By AccessWDUN Staff
8:32AM ( 1 hour ago )
Fan dies after falling from upper deck during Atlanta Braves game at Turner Field
ATLANTA (AP) — A fan died after falling from the upper deck into the lower-level stands at Turner Field on Saturday night during a game between the Atlanta Braves and New York Yankees.Lt. Charles Hamp...
7:14AM ( 2 hours ago )
Gainesville not immune to aftermath of Katrina
The Gainesville area was not immune to the aftermath of Hurricane Katrina which devastated the Gulf Coast ten years ago.
12:01AM ( 10 hours ago )
Qualifying begins Mon. for city elections
Qualifying begins Monday for city elections across the state, with most of the attention in Hall County centered on the Gainesville election.
1:00PM ( 21 hours ago )