TBO.com - TBO is Tampa Bay Online

Hernando Today

Pump Prices Are Coming Down

ADVERTISEMENT

By TONY HOLT

Hernando Today

Published: July 28, 2008

TAMPA - Gas prices have decreased by nearly 8 cents in Florida since last week.

It appears such a decline will continue for a while, according to AAA Auto Club South.

"The U.S. Department of Energy's report last week indicated increased fuel stockpiles," said AAA spokesman Randy Bly in a media release Sunday. "That news, coupled with a strengthening U.S. dollar, (is) causing investors to shift money out of crude oil. The result should be additional declines in retail prices this week."

In June, retail gas prices exceeded $4 per gallon in Florida. The national average reached a peak of $4.11 earlier this month.

Last week, the cost for a gallon of regular unleaded gasoline was $4.05. As of Sunday, it was barely higher than $3.97.

The national average decreased by more than 10 cents.
Crude oil prices have fallen by almost $23 a barrel in recent weeks as consumption has decreased.

Some forecasters are betting fuel prices will remain on a downward trend for the remainder of the summer as the industry reacts to a prolonged decrease in demand and higher inventories.

There are still some unforeseen factors to consider - namely hurricanes.
Crude oil prices began their steep decline weeks ago, but it has taken some time for the retail side to catch up, AAA analysts have said.

Demand for U.S. gasoline has fallen for 13 consecutive weeks, according to a report recently published on Bloomberg.com.

Reporter Tony Holt can be reached at 352-544-5283 or wholt@hernandotoday.com.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT