Fuel price brief
The price of crude oil dropped $2.46 to settle Friday at $71.51 on the New York Mercantile Exchange. Crude oil fell after the U.S. Labor Department reported fewer job gains than forecast in May. The news lowered investor confidence and showed the economic rebound may not be as strong as predicted in order to support higher oil prices.
In addition, the euro fell to a four-year low against the dollar after reports the financial crisis in Europe may spread to other countries such as Hungary. A weaker euro and stronger U.S. dollar reduces the appeal of commodities like crude oil to foreign investors.
The national average price of unleaded regular gasoline is $2.72 per gallon, a one-cent decrease from last week. Florida’s average price is $2.68 and Tennessee’s is $2.56, both reflecting a four-cent decrease from last week. Georgia saw the biggest decline of five cents, bringing its average price for regular gasoline to $2.58, respectively.
Current and past price averages for regular, unleaded gasoline:
National: Current $2.727 Week ago $2.737 Month ago $2.922 Year ago $2.606
Florida: Current $2.685 Week ago $2.729 Month ago $2.918 Year ago $2.578
Source: AAA Auto Club South