Gas Falls To $3.28/Gallon In 'Boro!

May 21, 2012 at 10:15 am by bryan


So far, the national average price for regular retail gasoline fell for 45 consecutive days after peaking at $3.93 on April 6, according to AAA’s Historical Fuel Gauge Report.

Prices are expected to retreat further this week as Memorial Day weekend approaches. Although AAA forecast 30.7 million Americans will travel via automobile this upcoming holiday, it's very likely more people will travel as a result of falling gas prices. Gas price trends have followed the recent reduction in the price of oil, which is expected to continue throughout the month. The price of a barrel of oil closed Friday on the New York Mercantile Exchange at $91.48 — $4.65 less than the week prior.

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Europe's bleak economic situation continues to place bearish pressure on oil prices and has for the past several weeks. As a result, the euro is currently at a four-month low against the dollar, reducing the appeal of crude oil as a commodity, thus pushing oil prices lower. In addition, U.S consumer confidence fell to its lowest level since January, according to the Bloomberg Consumer Comfort Index and oil supplies have reached their highest level in more than 20 years.

"Motorists will get the much needed relief at the pump just in time for the Memorial Day weekend and will likely lead to an increased number of travelers, helping to jump start the summer travel season," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Both oil and gas prices are forecast to decrease this week as global leaders meet to discuss a resolution for Europe’s debt issues.”

The national average price of regular unleaded gasoline is $3.68, 4 cents less than last week. Florida’s average of $3.54 is 8 cents less than last week. While both Georgia’s average of $3.45 and Tennessee’s average of $3.40 decreased 7 cents from last week, respectively. Some 'Boro discounters offering regular octane at $3.28 per gallon.

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