Gas prices starting a slow retreat

Published: Monday, March 4, 2013 at 12:23 p.m.
Last Modified: Monday, March 4, 2013 at 12:23 p.m.

For the first time since January, the weekly average for a gallon of gas has retreated, according to the AAA weekly gas price report.

The price for a gallon of regular gasoline had been steadily climbing since mid-January, with February's average of $3.65 the highest in history.

"We're starting to see the inflated price of oil and gas drop to more appropriate levels given the economic circumstances," said Jessica Brady, spokeswoman for AAA, The Auto Club Group. “Motorists should see gas prices ease back a little more this week.''

Prices remained unchanged in Gainesville last week, averaging $3.90, with a low of $3.76 and a high of $3.99.

The national average price of regular unleaded gasoline is $3.75, 3 cents less than last week. Florida's average of $3.82 dropped 5 cents from last week, and Georgia's average of $3.71 fell 6 cents.

A barrel of oil closed Friday at $90.68 on the New York Mercantile Exchange — $2.45 less than the week prior.

Oil prices fell after reports of poor manufacturing data in China and Europe created concern of a decrease in global fuel demand. The value of the dollar also increased against foreign currencies and helped push oil prices lower. In addition, the Energy Information Administration reported U.S. crude inventories rose more than a million barrels last week.

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