Gas prices fall to lowest level in four months

Staff Reports • Updated Jul 28, 2014 at 10:05 PM

Gasoline is selling at the lowest price since March amid rising gasoline supplies and falling oil prices. 

The national and Florida average prices for a gallon of regular unleaded gasoline are on a 30-day streak of declines. Prices in Georgia and Tennessee have fallen 34 and 32 consecutive days, respectively.

“Oil prices briefly rose following the crash of Malaysian Airliner Flight MH17, but gas prices didn’t skip a beat last week,” said Mark Jenkins, spokesman for AAA – the Auto Club Group. “Motorists continue to enjoy discounts at the pump, and that’s likely to continue this week.”

The price of oil fell more than a dollar on the NYMEX last week. Oil prices settled at $102.09 a barrel Friday, $1.04 cheaper than the week prior. Oil is trading lower as gasoline supplies reach a four-month high and outpaces demand.

The national average price for a gallon of gasoline is 6 cents cheaper than last week. The average price also fell 5 cents in Florida, Georgia and Tennessee.

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