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Tampa gas prices continue to fall | News

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Tampa gas prices continue to fall
Tampa gas prices continue to fall

Tampa, FL -- For the first time since Aug. 9, crude oil settled below $80 a barrel as fuel demand slows and economic concerns persist, according to a AAA Club South release.

AAA reports crude oil settled Friday at $79.85 a barrel on the New York Mercantile Exchange, $8.11 less than last week.

Average retail gasoline prices in Tampa fell 6.4 cents per gallon in the past week, averaging $3.38 a gallon yesterday. This compares with the national average that fell 7.1 cents per gallon in the last week to $3.53 a gallon, according to gasoline price website TampaGasPrices.com.

"Last week saw an impressive decline in crude oil and gasoline futures, and accordingly, motorists in most areas of the U.S. have seen retail gasoline prices decline. In some areas, price have outright plunged to under $3 a gallon," Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst said in a release. "While social networking sites are abuzz about the decline, be warned that the market does remain extremely sensitive to geopolitical issues and refinery maintenance season is right around the corner."

AAA says oil and gas prices are projected to continue their downward trend, since no immediate action is in place to stimulate both the U.S. and European economies at a time when fuel demand continues to lag. China's manufacturing index fell again for the third straight month and now Europe's manufacturing is starting to lag as well.


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