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Expect gas prices to fall further | News

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Expect gas prices to fall further
Expect gas prices to fall further

Tampa, FL -- AAA Club South reports that oil prices remain relatively unchanged this week as economic news remains bleak in the U.S. and abroad. 

Prices fell further after reports showed China’s manufacturing index dropped for a third month in a row, while European retail sales declined last month and U.S. consumer spending continues to slow. Fuel demand continues to falter as weak economies cause consumers to cut back on spending and travel.

Crude oil settled Friday at $79.20 a barrel on the New York Mercantile Exchange—65 cents less than the week prior, according to AAA.

Average retail gasoline prices in Tampa fell 6.8 cents per gallon in the past week, averaging $3.29/g yesterday. This compares with the national average that fell 5.9 cents per gallon in the last week to $3.46/g, according to TampaGasPrices.com.

 

"Motorists are certainly delighted that average gasoline prices are at their lowest since early March, but compared to prices a year ago, motorists are still feeling a pinch at the pump," Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst said in a release. "It's great to see gasoline prices falling, but at the same time, prices a year ago were nearly 75 cents less per gallon. The good news is that over the upcoming weeks, there will continue to be factors that could put more downward pressure on oil and gasoline prices. I continue to expect that average gasoline prices will bounce between $3.25-$3.50 for much of the rest of 2011."

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