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High supply, low demand keeps gas prices stable
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Published: August 2, 2009
TAMPA - Stockpiles of oil are increasing as demand is on the decline.
That is what caused a slow and steady decline in pump prices throughout Florida last month, according to AAA Auto Club South.
While gas prices increased a week ago nationwide, Florida's prices continued to go down.
For the week ending July 26, the average price for a gallon of regular gas dropped to $2.49 statewide. One month earlier, it was just below $2.66.
The latest stock market developments for oil prices might be a precursor for an extended drop in the coming weeks and months, analysts have said.
Crude is getting cheaper, which makes it more enticing for investors. Even still, as more money is pumped into energy markets, the oversupply of crude and natural gas will continue to build, causing prices to decline, according to the Associated Press.
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