Gas prices may keep inching lower


Published: Tuesday, January 22, 2008 at 7:29 a.m.
Last Modified: Tuesday, January 22, 2008 at 7:29 a.m.

Gasoline prices fell an average of a nickel a gallon across Florida over the past week and will probably fall slightly again this week, according to AAA Auto Club South.

Facts

Gas Prices

Average prices for regular, unleaded, self-serve gasoline in Florida:

Current $3.097
Week Ago $3.145
Month Ago $3.045
Year Ago $2.255

Auto club officials said the decline in prices paid at the pump is the result of a slowing economy coupled with increases in gasoline inventories. And, for the first time since November, oil was selling below $90 a barrel last week.

The Energy Information Administration, which provides the official energy statistics from the U.S. Government, announced this month that gas prices are likely to peak around $3.50 a gallon this spring. Federal officials also predicted that global oil markets probably won't ease until 2009.

Increases in oil supplies are expected to come from increases in production by non-OPEC nations as well as OPEC's plans to add to its own capacity. Federal officials said those two changes will probably double surplus production capacity from the current level of two million barrels per day.

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