"We're back to the basic fundamentals of supply and demand moving the market," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Oil supplies continue to increase as demand weakens across the board. Both oil and gas prices are likely to fall this week with a weakening euro, lackluster demand, and growing supplies."
The debt crisis in Europe continues to plague demand numbers overseas and caused the value of the euro to drop which often leads to lower oil prices. In addition, U.S. oil stockpiles jumped to a two-month high and output is at its highest level in 17 years, according to the Energy Department. At the same time, demand for gasoline has dropped 6.2 percent since August.
A barrel of oil settled Friday at $90.05 on the New York Mercantile Exchange--$1.81 less than the week prior.
The national average price of regular unleaded gasoline is $3.68, 11 cents less than last week. Florida's average of $3.64 fell 8 cents and Tennessee's average of $3.44 dropped 11 cents from last week. Georgia's average price of $3.54 decreased 9 cents from last week, respectively.
http://accesswdun.com/article/2012/10/254354