Experts say number of factors will lower gas prices in short term
Published: Monday, February 1, 2010 at 7:55 a.m.
Last Modified: Monday, February 1, 2010 at 7:55 a.m.
Crude oil prices hit a 15 month high over the past week, then plunged on the New York Mercantile Exchange. Meanwhile, the value of the U.S. dollar was increasing. Some analysts are predicting those factors will lead to lower oil and gasoline prices over the short term.
Average unleaded gas prices in Florida
Current – $2.721
Week ago – $2.768
Month ago – $2.677
Year ago – $1.917
Crude oil hit its 15-month high on Jan. 11 when it rose to $83.93 a barrel. Then the price fell by 13 percent at the end of the last week. Over the same period, the dollar rose in relation to the Euro which made commodities like Crude oil less attractive to investors, according to Jessica Brady, a public relations specialist for AAA Auto Club South.
“It’s very likely we will continue to see prices for both crude oil and retail gasoline decline throughout next week,” Brady said. “The still high unemployment numbers continue to keep demand for crude at a minimum, while supplies continue to rise.”
Prices at the pump fell an average of four-cents a gallon nationwide and in Florida to $2.67 and $2.72 respectively.