Fuel Gas Brief
The price of crude oil moved slightly higher last week after positive economic news boosted investor confidence. Crude oil rose $2.35 to settle Wednesday during the shortened trading week at $83.86 a barrel on the New York Mercantile Exchange.
Investor optimism rose after the Labor Department stated US jobless claims dropped by 34,000, a sign oil demand will start to accelerate. Increased consumer spending during the holiday season will give investors another shot of optimism that the economic recovery will quicken.
On the other hand, foreign economies, such as those in Spain and Ireland, are not faring so well and concern the European debt crisis will spread are keeping crude prices from spiking above $85 a barrel.
The national average price of unleaded regular gasoline is $2.86 per gallon, one cent less than last week. Florida’s average price of $2.85 reflects a two cent decrease from last week. Tennessee’s average price of $2.67 and Georgia’s average price of $2.72 both reflect a three cent decrease from last week.
Current and past price averages
National: Current $2.860 Week ago $2.875 Month ago $2.809 Year ago $2.627
Florida: Current $2.679 Week ago $2.873 Month ago $2.794 Year ago $2.676
Source: AAA Auto Club South