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Gas Prices Should Fall This Week, Says Auto Club

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TBO.com staff

Published: January 11, 2009

TAMPA - Gasoline prices that last week thumbed their nose at the basics of supply and demand, may start following the rules this week and edge down.

That's the belief of AAA Auto Club South that monitors gasoline prices in Florida, Georgia and Tennessee where the cost of a gallon of regular has gone up more than 20 cents since the start of 2009.

In the past week gas prices went up by 15 cents on average in Florida, the organization said in its gas price outlook.

That's despite oil prices closing $5.51 a barrel lower than the week before. Oil closed on Friday at $40.83 a barrel. Early in the week oil prices were more than $49 a barrel on the New York Mercantile Exchange because of violence in the Middle East.

AAA believes that the drop in oil prices, prompted by recession in the United States and a waning global economy, may finally show up at the pumps this week.

One sign is that gas in Florida on Sunday rose only 0.3 of a cent, slightly more than the increase in the national average for a gallon of 0.2 cents.

The outlook for price decreases, however, depends on no disruption of the oil industry.
Regular gasoline in Florida on Sunday averaged $1.833 compared to $1.678 a week ago. A year ago, Floridians were paying an average of $3.147 per gallon.

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