Fuel price brief – Oil dips below $100 a barrel
Oil prices dropped below $100 to settle Friday at $99.29 a barrel on the New York Mercantile Exchange, 93 cents less than last week. Prices fell after Saudi Arabia announced it will increase production quotas next month by 10 million barrels a day.
The decision was partly based on concern the high oil and gas prices are slowing the worldwide economic recovery. The increase is said to ease supply concerns and help make up for the loss of Libyan oil exports. The U.S. dollar was given a boost after the value of the euro fell, which could push oil prices lower this week.
The national average price of unleaded regular gasoline is $3.70 a gallon, 7 cents less than last week. Florida’s average price of $3.63 is 5 cents less than last week, while Georgia’s average price of $3.58 and Tennessee’s average price of $3.49 both reflect a 4 cent decrease from last week.
Current and past price averages:
National: Current $3.708 – Week ago $3.775 – Month ago $3.982 – Year ago $2.702
Florida: Current $3.633 – Week ago $3.685 – Mont ago $3,933 – Year ago $2.649
Source: AAA Auto Club South