Anemic economic growth across the globe continues to weigh heavy on the market and keep oil prices below $85 a barrel. Oil prices struggled to remain above $80 last week as the European debt crisis coupled with slow growth in China and the U.S. created concern that fuel demand will continue to drop in the coming months.
The last time crude oil closed below $85 for two consecutive weeks was September and October of 2011. At that time, the national average for regular retail gasoline was $3.40, 14 cents less than the current national average. The price of a barrel of oil closed Friday on the New York Mercantile Exchange at $84.10--87 cents more than the week prior.
"Spain's bailout request of $125 billion could create some optimism in the market this week and has the potential to cause a slight uptick in oil prices, however it's very unlikely it will create a spike in pump prices," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Retail gas prices continue to drop an average of 5 cents a week and in some areas, prices are nearing $3 a gallon."
The national average price of regular unleaded gasoline is $3.54, 5 cents less than last week. Florida's average of $3.37 and Georgia's average of $3.30 both decreased 6 cents from last week. While Tennessee's average price of $3.21 fell 7 cents from last week, respectively. Visit AAA's Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.
http://accesswdun.com/article/2012/6/249538