Oil price plunges, pushes gas prices to three-month lows

The price of oil dropped for the third consecutive week, pushing retail prices to their lowest level in months.
Jul 16, 2014

 

The price of oil dropped for the third consecutive week, pushing retail prices to their lowest level in months. 

On Sunday, the national average price for a gallon of regular unleaded gasoline fell for the 16th consecutive day. Since last week, the average price fell 4 cents to $3.62, the cheapest price since April.

Oil settled at its lowest price in two months on the NYMEX as U.S. stockpiles increased last week and supply risks eased in Iraq and Libya. The price for a barrel of oil settled at $100.83 Friday, a $3.23 decline from a week ago.

“Oil prices hit a free-fall at the end of last week,” said Mark Jenkins, spokesman for AAA – the Auto Club Group. “As a result, motorists in the southeast could see prices at the pump fall 10 to 20 cents in the next two weeks.”

The average price for a gallon of regular unleaded gasoline in Florida was 3 cents cheaper than last week and the lowest since March 25. In Georgia, the average price was 4 cents cheaper than last week and the lowest since April 7. 

In Tennessee, the price was 4 cents cheaper than last week, the lowest since April 4. 

Gas prices are on a streak of declines, falling 16 consecutive days in Florida, 20 days in Georgia, and 18 in Tennessee.

 

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