Gas prices expected to slide into November
Published: Monday, October 28, 2013 at 10:49 a.m.
Last Modified: Monday, October 28, 2013 at 10:49 a.m.
Gas prices dropped last week and now the current national average is $3.29, the lowest daily average so far this month.
Current and past price averages
Regular Unleaded Gasoline
Week earlier: $3.353
Month earlier: $3.412
Year earlier: $3.548
Week earlier: $3.329
Month earlier: $3.354
Year earlier: $3.521
“Prices will likely move lower this week and may continue the downward trend into November,” said Jessica Brady, AAA spokeswoman, The Auto Club Group. “Supply and demand numbers are bearish, and the easing of sanctions against Iran will also push prices lower in the coming weeks. Overall, pump prices should be pretty affordable come the Thanksgiving holiday weekend.”
The national average price of regular unleaded gasoline is $3.29, 6 cents less than last week. Florida’s average of $3.28 dropped 5 cents, while Georgia’s average of $3.26 fell 4 cents.
The average price for a gallon of gas in Gainesville on Monday was $3.36, down from $3.41 last week, according to the website GasBuddy.com. Prices ranged from $3.19 to $3.59.
U.S. oil inventories rose 5.25 million barrels last week to 381 million barrels, the most since June, according to the Energy Information Administration. Current production is up about 6 percent as well.
Talks to suspend sanctions against Iran may increase global oil supply and also place downward pressure on fuel prices.
The cost for a barrel of oil closed last Friday at $97.85 on the NYMEX — $2.96 less than the week prior.