Oil supplies are high, gas prices continue to drop
Published: Monday, April 15, 2013 at 2:33 p.m.
Last Modified: Monday, April 15, 2013 at 2:33 p.m.
Pessimistic reports about the national economy last week translated into good news for drivers as the price of oil and gasoline continued to fall.
Average price for a gallon of regular gasoline:
Week earlier: $3.593
Month earlier: $3.689
Year earlier: $3.907
Week earlier: $3.583
Month earlier: $3.739
Year earlier: $3.941
Fuel prices dropped after the Commerce Department reported retail sales fell in March and a report showed consumer sentiment is at a nine-month low.
Fuel demand has lagged since the start of the year, causing both OPEC and the Energy Information Administration to cut their global oil demand outlook for the year. This comes at a time when U.S. oil output is at a 20-year high and supplies are plentiful.
“Although the economic news is less than great, motorists will welcome the falling gas prices as the summer driving season begins,” said Jessica Brady, AAA spokeswoman, The Auto Club Group.
A barrel of oil closed Friday at $91.61 on the New York Mercantile Exchange — $1.09 less than the week prior.
The national average price of regular unleaded gasoline is $3.53, 7 cent less than last week. Florida’s average was $3.53 and Georgia’s average of $3.40 both fell 6 cents from last week.
In Gainesville, gas prices ranged from $3.32 for a gallon of regular to $3.64, about four cents less than a week ago, according to the website GasBuddy.com.