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November 2, 2009

Retail gasoline may go higher

Submitted by AAA

TAMPA, Fla.– The good news for consumers is that the price of crude oil declined by $3 per barrel this past week, closing at $77 per barrel on the New York Mercantile Exchange (NYMEX)…

The bad news is that wholesale prices increased by an average of 32 cents per gallon in October and retail prices during this period increased by only two-thirds of that. So for retail prices to totally reflect the cost of the product, they would increase by another 10 cents, assuming that wholesale prices don’t continue to rise, or drop sharply, according to Retail Fuel Watch.

The national average price of unleaded regular gasoline is now $2.69 per gallon; Florida, Georgia and Tennessee average prices today are $2.72, $2.56, and 2.54 respectively.

“While the fourth quarter is typically the time of year when retail gasoline prices are at their lowest, in coming weeks there’s a chance we could see Florida prices between $2.80 and $2.90; and Georgia and Tennessee prices above $2.70,” said Gregg Laskoski, managing director of public relations, AAA Auto Club South. “And this is with excess supply and little demand.”



CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline



Current Week Ago Month Ago Year Ago

National: $2.693 $2.665 $2.465 $2.463

Florida: $2.729 $2.701 $2.405 $2.481

Georgia: $2.565 $2.554 $2.275 $2.325

Tennessee: $2.544 $2.518 $2.268 $2.358



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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