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Gas Prices Expected To Rise For Labor Day

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By RUSSELL RAY

The Tampa Tribune

Published: August 26, 2008

TAMPA - After several weeks of declines in the Tampa Bay area, gas prices may start to creep up ahead of the Labor Day weekend.

In the Tampa Bay area Monday, the price of regular unleaded was averaging $3.61 a gallon. That's down 8.3 percent from the average of $3.94 a month ago, according to AAA.

But the auto club is expecting pump prices to rise this week.

Prices will start climbing again because of higher oil prices, declining fuel supplies and a weaker U.S. dollar, AAA spokesman Randy Bly said.

"With Labor Day weekend approaching, we can expect an increase in fuel consumption but a slightly lower gasoline inventory," Bly said. "That's why prices may go up."

According to www.gasbuddy.com, which tracks the highest and lowest gas prices in metro markets nationwide, pump prices Monday in the Tampa area ranged from $3.49 to $3.71 a gallon.

Nationwide, gas prices shed almost a penny overnight to a national average Monday of $3.681, according to AAA, the Oil Price Information Service and Wright Express.

That's 10.5 percent lower than the national record price of $4.114 a gallon set July 17, but 33 percent higher than a year ago.
Retail prices have dropped 15 cents a gallon in the past two weeks, according to the Lundberg Survey of 7,000 gas stations nationwide.

The pullback at the pump comes as crude oil has dropped about $30, or 25 percent, from record trading levels above $147 a barrel reached in July.

Information from The Associated Press was used in this report. Reporter Russell Ray can be reached at (813) 259-7870 or rray@tampatrib.com.

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