Gas prices slightly decrease over the past week
Published: Monday, January 31, 2011 at 11:10 a.m.
Last Modified: Monday, January 31, 2011 at 11:10 a.m.
International and U.S. energy officials have said there is plenty of oil to go around right now. Those comments are getting some of the credit for a slight decrease in gas prices at the pump over the past week.
Average unleaded gas prices in Florida
Week ago: $3.145
Month ago: $3.094
Year ago: $2.726
Prices fell by about 3 cents a gallon around Florida. It was the first price decline since the week of Nov. 24.
The International Energy Agency and U.S. Energy Information Administration both said there has been no significant increase in the demand for oil over the past week and that there are plenty of supplies and reserves on hand. Analysts expect prices to remain at about their current levels this week unless the political unrest in the Middle East expands.
AAA spokeswoman Jessica Brady said her organization is closely watching the situation in Egypt. If the unrest expands into Saudi Arabia, Brady said, it could affect oil production. Of particular concern is whether the Suez Canal would have to be closed because of the political situation in Egypt. The canal is the place where more than a million barrels of oil are moved between the Red Sea and the Mediterranean Sea each day.
"While Egypt isn't a major player in the oil market, Saudi Arabia is the world's largest oil exporter, and if oil production is affected we can expect oil prices to rise," Brady said.
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