Falling gas prices may continue

Published: Wednesday, January 23, 2008 at 6:01 a.m.
Last Modified: Tuesday, January 22, 2008 at 9:05 p.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.


Gas at a glance

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 2 million barrels per day.

Karen Voyles can be reached at 352-359-5656 or kvoyles@gmail.com.

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