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Gas Prices Drop 33% In Month; Declines Likely To Continue

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By RUSSELL RAY | The Tampa Tribune

Published: November 3, 2008

TAMPA -- Pump prices in Tampa and elsewhere are falling, and industry observers say the trend is expected to continue, albeit at a much lower rate.
In one month, the average price of a gallon of regular unleaded in the Tampa Bay area has plummeted 33 percent, or $1.20, to $2.41, AAA reported this morning. A year ago, local retailers were charging, on average, $2.93 a gallon for the same grade of fuel.
Americans are driving less and buying less fuel because of the sour economy, a trend that will push prices even lower, said AAA spokesman Gregg Laskoski.
"In the weeks ahead, we still expect retail gasoline prices to go lower, but we also expect the rate of decline to diminish," Laskoski said.
The lower prices stem primarily from a sharp decline in the cost of crude oil, the feedstock for nearly all transportation fuels. Since July 11, when oil reached a high of $147.27 a barrel, oil has plunged 54 percent to about $68 on the New York Mercantile Exchange.

Reporter Russell Ray can be reached at (813) 259-7870.

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