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October 26, 2009

Retail gasoline prices spike as NYMEX crude oil closes week above $80 per barrel

Submitted by AAA

TAMPA — Despite weak consumer demand and ample fuel supplies, crude oil on the New York Mercantile Exchange (NYMEX) posted its highest weekly closing price of 2009, $80.50 per barrel, pushing up wholesale and retail fuel prices. The national average price of gasoline increased by 12 cents per gallon in the past week.

The average price of gasoline in Florida, Georgia and Tennessee increased by 17, 16, and 13 cents per gallon respectively during the same period.

The sustained rally for crude oil is driven by a weak U.S. dollar that’s drawing investors to commodities and crude oil, but, as Peter Beutel, an analyst at Cameron Hanover noted, “At some point the bubble has to burst.”

“Gasoline prices are still less than they were a year ago at this time,” said Gregg Laskoski, managing director, public relations, AAA Auto Club South. “But, unless we see a change of direction for the dollar, the current run-up for oil might last longer than many economists and oil analysts expect.”



CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline



Current Week Ago Month Ago Year Ago

National: $2.665 $2.547 $2.525 $2.735

Florida: $2.701 $2.536 $2.459 $2.750

Georgia: $2.554 $2.392 $2.332 $2.615

Tennessee: $2.518 $2.385 $2.324 $2.636



AAA’s Daily Fuel Gauge Report (fuelgaugereport.com) is updated each day and is the most comprehensive; reflecting actual prices from credit card transactions within the past 24 hours at two-thirds (100,000 stations) of the gasoline stations in the U.S. Its accuracy is unparalleled.

How much are you paying for gasoline taxes in Florida/Georgia/Tennessee? Use this link: http://www.aaasouth.com/acs_news/gas_taxes.asp to find out.

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