TAMPA, Fla. - Gas prices continued to slide last week. Motorists are finding gasoline at or below $3.20 in Southern metro markets like Columbus, Chattanooga, Memphis, Orlando and Tampa. <br />
"Motorists are reaping the benefits of booming domestic oil production which has provided the cheapest gas prices for August in years," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The price of oil declined slightly last week, so gas prices could slip even more this week."<br />
Tensions between Russia and Ukraine, and the situation in Libya also remain front of mind for many, although none of these occurrences have resulted in a disruption to oil supply. Ultimately, despite these geopolitical headlines and because of increased domestic production, oil prices continue to trade near multi-month lows. The price of West Texas Intermediate (WTI) settled at $97.35 per barrel at the close of formal trading Friday, which is 30 cents lower than the week before.<br />
The national average for a gallon of regular unleaded gasoline on Sunday was $3.45, down two cents from last Sunday. In Georgia, the average dropped a penny to $3.34 a gallon.