Retail Gas Prices to Drop this Week

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Tampa, FL - October 1, 2012

Motorists will see retail gas prices drop again this week after oil prices traded below $90 a barrel for the first time in almost two months. Poor economic news, both domestic and international, continues to create concerns of further demand destruction at a time when supplies are ample.

Although oil prices fell below $90 last week, they quickly rebounded and held steady at $92 a barrel as tensions increased over Iran’s growing potential to build nuclear weapons. A barrel of oil closed Friday on the New York Mercantile Exchange at $92.19—70 cents less than the week prior.

"The good news is gas prices have dropped again across the Southeast," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "However, turmoil and violence continue to escalate in the Mideast and create worry of supply disruptions. If issues in the Middle East intensify, motorists could quickly see a rise in pump prices."

The national average price of regular unleaded gasoline is $3.78, 3 cents less than last week. Florida’s average of $3.70 and Tennessee’s average of $3.55 fell 6 cents from last week. While Georgia’s average price of $3.61 decreased 8 cents from last week, respectively. Visit AAA’s Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.

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