Gas prices slide, but oil prices spike on economic reports


Published: Monday, April 29, 2013 at 10:55 a.m.
Last Modified: Monday, April 29, 2013 at 10:55 a.m.

Gas prices fell again last week, but oil prices jumped after government reports showed U.S. jobless claims rose less than forecast.

Facts

Average price for a gallon of regular gasoline:

U.S.
Monday: $3.500
Week earlier: $3.518
Month earlier: $3.639
Year earlier: $3.819

Florida
Monday: $3.434
Week earlier: $3.466
Month earlier: $3.644
Year earlier: $3.803

Source: AAA

After oil prices spiked, they quickly deflated after the Commerce Department said GDP grew less than expected in the first quarter of the year. Inventories of crude continue to climb beyond 20-year highs and U.S. oil production remains ample.

“The market is expected to be volatile this week, so it's likely motorists will see little movement in pump prices this week," said Jessica Brady, AAA spokeswoman, The Auto Club Group.

A barrel of oil closed Friday at $93 on the New York Mercantile Exchange — $4.99 more than the week prior.

The national average price of regular unleaded gasoline is $3.50, 2 cents less than last week. Florida's average of $3.44 fell 3 cents, while Georgia's average of $3.37 rose 3 cents from last week.

In Gainesville, the average price of a gallon of regular gas on Monday was $3.56, according to the website GasBuddy.com. Prices ranged from a low of $3.39 to a high of $3.79.

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