TAMPA, Fla. - The national average price for a gallon of gasoline declined for the first time in 40 days, according to Sunday's fuel price brief from AAA. The U.S. average rose 42 cents since January 27, but dipped four-tenths of a cent Sunday.
"Motorists are beginning to see some relief at the pump after prices rose in response to increased oil prices and refinery maintenance season," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gas prices have leveled out for now, but motorists may not be out of the woods yet. Prices should remain relatively volatile through the next couple months, but should decline after Memorial Day."
Since oil prices plunged in the past year, concerns of a slowdown in domestic oil production caused oil prices to rise, having a direct effect on prices at the pump. The price of WTI rose more than $8 a barrel from January to mid-February, peaking at $53.53. Since that time, oil prices have swung up and down by a few dollars, but settled at $49.61 on the NYMEX Friday - a decline of 15 cents from the week before.
"The U.S. continues pumping oil at the fastest rate in more than three decades, which should keep downward pressure on both the prices of oil and gasoline," Jenkins said.
The national average price of gasoline is $2.45, 4 cents higher than last week, but $1.04 cheaper than this time last year. The average price in Florida is $2.46, 1 cent more than last week, but $1 cheaper than a year ago. In Georgia, the average price is $2.30, 2 cents more than last week, and $1.01 cheaper than a year ago. The average price in Tennessee is $2.22, 3 cents more than last week, but $1 cheaper than a year ago.
Wednesday
May 1st, 2024
10:17PM
