Email: "NYMEX crude oil slips to lowest price in 7 weeks"
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Many analysts believe it was a strengthening dollar and massive crude oil supplies that led to crude oil’s closing last week at its lowest price in seven weeks. But at the same time, gasoline prices posted a penny-per-increase. The supply and demand fundamentals for fuel reflect both massive crude stocks, up 6 percent versus this week in 2008, and gasoline stocks up 23 percent over the same period in 2008, according to the U.S. Department of Energy. Gasoline consumption show only a nominal increase from 8.93 million barrels per day, in the week ending Nov. 28, 2008 to 8.94 million barrels per day in the week ending Nov. 27, 2009. U.S. refinery output is meeting current demand even using just 79 percent of its available capacity.

During the past week, the national average increased by 1 cent per gallon and in Florida, Georgia and tennessee, each state’s average price also increased by 1 cent per gallon respectively.

Crude oil on the New York Mercantile Exchange (NYMEX) closed the week at $75.47 per barrel.

Current and past price averages:

National: Current $2.633 - Week ago $2.629 - Month ago $2.679 - Year ago $1.751

Florida: Current $2.686 - Week ago $2.676 - Month ago $2.719 - Year ago $1.805



Source: AAA Auto Club South

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