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Fuel price brief from Auto Club South

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Crude oil futures on the New York Mercantile Exchange closed the week at $3 per barrel higher than last week’s close, but the supply and demand fundamentals for both oil and gasoline are still expected to keep retail gasoline prices edging lower.

The U.S. Department of Energy reported last week that gasoline inventories rose 547,000 barrels to 207 million, 4 percent greater than the average for this time of year. Refineries are expected to shut down some operating capacity for scheduled repairs before heating oil consumption increases.

The national average price of unleaded regular gasoline is $2.55 down 2 cents per gallon in the past week. Florida’s average today is $2.47, Georgia’s at $2.33 and Tennessee’s average prices also at $2.33 per gallon are all down by 3 cents, 2 cents and 3 cents respectively in the past week.

Crude oil on the NYMEX closed Friday at $72.04 per barrel.

Current and past price averages:

National: Current, $2.551 0 – Week ago, $2.573 – Month ago, $2.625 – Year ago, $3.777

Florida: Current, $2.477 – Week ago, $2.509 – Month ago, $2.610 – Year ago, $3.887