AAA: Pump prices expected to fall


Published: Tuesday, January 29, 2008 at 6:01 a.m.
Last Modified: Monday, January 28, 2008 at 8:26 p.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 said 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 3 cents a gallon over the past week to $2.98, according to AAA's weekly survey.

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.

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

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