Gas price may keep sliding lower

Published: Monday, January 28, 2008 at 7:14 a.m.
Last Modified: Monday, January 28, 2008 at 7:14 a.m.

Gasoline prices are expected to continue falling this week, according to

AAA Auto Club South.

In their weekly release on gas prices, auto club officials cited the

slowing economy and increases in supply as reasons for prices to decline.

"If we have a slowing economy, that translates into decreased demand for

fuel," said Randy Bly, director of community relations for the auto club.

"At the same time we have a fuel supply that has increased, so these

fundamentals would justify our expectation that fuel prices should decline

in the week ahead."

The U.S. Department of Energy noted that oil supplies had increased by 2.3

million barrels by mid-January, about the same time that other federal

agencies were releasing reports on various indicators pointing to an

economic slow down.

Nationwide, unleaded gasoline prices at the pump fell an average of nearly

three cents a gallon over the past week to $2.98, according to AAA's

weekly survey. Here in Florida, unleaded gasoline was averaging $3.06 a

gallon over the weekend with stations in some areas, like Starke and Ocala,

dipping below the $3 a gallon mark.

Average prices for regular unleaded gasoline in Florida

Current $3.059

Week Ago $3.097

Month Ago $3.050

Year Ago $2.206

Source: AAA Auto Club South

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