Oil plunges, pushes gasoline to 3-month lows

TAMPA, Fla. - The price of oil dropped for the third consecutive week, pushing retail prices to their lowest level in months. Sunday, the national average price for a gallon of regular unleaded gasoline fell for the 16th consecutive day. Since last week, the average price fell 4 cents to $3.62, the cheapest price since April.<br /> <br /> Oil settled at its lowest price in two months on the NYMEX as U.S. stockpiles increased last week and supply risks eased in Iraq and Libya. The price for a barrel of oil settled at $100.83 Friday, a $3.23 decline from a week ago.<br /> <br /> "Oil prices hit a free-fall at the end of last week," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "As a result, motorists in the southeast could see prices at the pump fall 10 to 20 cents in the next two weeks."<br /> <br /> The average price for a gallon of regular unleaded gasoline in Florida is 3 cents cheaper than last week and the lowest since March 25. In Georgia, the average price is 4 cents cheaper than last week and the lowest since April 7. In Tennessee, the price is 4 cents cheaper than last week, the lowest since April 4. Gas prices are on a streak of declines, falling 16 consecutive days in Florida, 20 days in Georgia, and 18 in Tennessee.

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