October 14, 2013

AAA: Gas prices hold steady at annual low

Submitted by AAA

TAMPA, Fla. — Retail gas prices didn’t fluctuate much from last week and remain stable near the lowest average of the year.

Although pump prices are forecast to decrease in the coming weeks, negotiations to reopen the government are keeping a little upward pressure on oil prices. However, based on supply and demand numbers, both oil and gas prices should be lower. Last week, the International Energy Agency cut its global oil demand outlook for 2014, at a time when the world’s oil production is on the rise. U.S. oil output jumped to a 24-year high of almost 8 million barrels a day in September, according to the Energy Information Administration.

“When the government reopens, motorists will likely see gas prices inch back up a bit on optimism the economy will get a jump start,” said Jessica Brady, AAA spokeswoman, The Auto Club Group. “Otherwise, supply and demand stats point to lower pump prices.”

The cost for a barrel of oil closed last Friday at $102.02 on the NYMEX — $1.82 less than the week prior.

The national average price of regular unleaded gasoline is $3.34, 1-cent less than last week. Florida's average of $3.29 fell 2 cents, while Georgia's average of $3.24 increased a cent. Tennessee's average of $3.17 also fell a cent from last week. Visit AAA’s Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.

Current and past price averages

Regular Unleaded Gasoline

                         Current   Week Ago  Month Ago  Year Ago

National:           $3.344     $3.350        $3.540         $3.802

Florida:             $3.290     $3.305        $3.497         $3.724

Georgia:           $3.243     $3.232        $3.424         $3.634

Tennessee:      $3.172     $3.177        $3.330         $3.555