Information from AAA Auto Club
TAMPA, Fla. (May 3, 2010)--Three factors caused the price of crude oil to increase by $1.06 Friday to settle at $86.15 a barrel on the New York Mercantile Exchange: a weakened US dollar and two positive economic reports that show the economy is improving.
The first report was issued by the Energy Department on April 28, and showed fuel consumption in the US over the past four weeks rose 3.1 percent year-over-year by 9.2 million barrels a day.
The other report was released by the Commerce Department and showed the US economy grew at a 3.2 percent rate in the first quarter of 2010.
"The positive economic news is music to investors' ears," said Jessica Brady, manager, AAA Public Relations. "Such optimistic news is viewed as solid evidence that the economy is on the rise, thus boosting investor confidence that fuel demand is increasing. The weakened US dollar helped to push the price of crude even higher by increasing its appeal.
"Retail gasoline prices should gain a few cents this week in response to the higher price of crude oil. And, as devastating as the oil spill is, it is not expected to influence short-term retail gasoline prices."
The national average price of unleaded regular gasoline is $2.89 per gallon and Tennessee's average price is $2.75, both reflecting a four-cent increase from last week. Florida's average price is three cents higher than last week at $2.89. And, Georgia's average price increased the most by five cents to $2.80, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $2.895 $2.854 $2.820 $2.068
Florida: $2.895 $2.867 $2.841 $2.087
Georgia: $2.804 $2.753 $2.726 $1.901
Tennessee: $2.757 $2.716 $2.695 $1.920
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? Click HERE