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Oil Prices Jump But Pump Prices Hold Steady

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By RUSSELL RAY | The Tampa Tribune

Published: January 26, 2009

TAMPA - Gasoline prices in the Tampa Bay area are holding steady at $1.84 a gallon on average, despite a spike in the cost of crude oil.

Last week, oil surged about $10 a barrel to $46.47, Friday's closing price.

But abundant supplies of gasoline and weak demand are keeping pump prices from rising, said AAA spokesman Gregg Laskoski.

"Logic tells us that retail prices should decline until either supply diminishes or demand strengthens, but the oil industry seems to have ignored logic for most of January," Laskoski said.

A month ago, pump prices in the Tampa Bay area were averaging $1.61 a gallon, 23 cents lower than the current average.

Local pump prices peaked on July 16, averaging $4.01 a gallon.

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

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