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Tampa Bay Area Gasoline Prices Heading Down

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By RUSSELL RAY | The Tampa Tribune

Published: October 6, 2008

TAMPA - Motorists are paying less at the pump as oil prices plunge amid decreased demand, and industry observers say the trend is expected to continue.

Tampa Bay area retailers today are charging $3.547 on average for a gallon of regular unleaded, two cents lower than the average price on Sunday, according to AAA's daily survey. Local pump prices are down 2 percent from a month ago, when regular unleaded was averaging $3.623 a gallon.

Fewer gas stations will be without fuel and prices will continue to fall this week while refiners beef up gasoline supplies amid lower demand, AAA spokesman Randy Bly said.

Little will stop pump prices from falling — not even the $700 billion government bailout aimed at rescuing the nation's banking system and bolstering the economy, he said.

"Further demand destruction may still occur, resulting in even lower energy prices this fall," Bly said.

Oil, the feedstock for nearly all transportation fuels, has plunged to about $90 a barrel today, down from $120 two months ago, on the New York Mercantile Exchange.

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

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