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Pump prices continue to fall as demand declines
By Palm Beach Business.com
DELRAY BEACH — Gasoline continue to trend southward largely because of the weak economy and lower demand for energy.
The U.S. Energy Information Administration’s weekly look at pump prices has gasoline averaging $3.581 a gallon nationally, down from $3.604 a week ago and $3.699 a month ago.
In Florida, motorists are paying an average of $3.535 a gallon, according to the EIA, down from $3.577 a week ago and $3.663 a month ago.
South Florida prices are substantially higher, according to AAA’s Fuel Gauge Report, averaging $3.70 a gallon in Palm Beach County, down from $3.729 a week ago, and $3.678 in Broward, down from $3.709 a week ago.
Crude oil prices fell $3.12 a barrel last week to $82.26 as U.S. inventories unexpectedly rose. The apparent end of the civil war in Libya was expected to suppress prices further, but crude rose $1.86 a gallon to settle at $84.12 Monday as analysts don’t expect oil to flow out of the North African nation for as long as 12 months.
"No matter how optimistic investors try to be at this time, they can't ignore the sluggish economy seen both here in the U.S. and abroad," said Jessica Brady, spokesperson, AAA Auto Club South. "Retail gas prices have consistently decreased throughout the past few weeks and are expected to continue the decrease into the Labor Day holiday. Gas prices in the Southeast decreased an average of 5 cents last week."
Crude oil crude is now down about $30 a barrel from its peak of $114 in late April. National average retail gasoline prices are down from a peak of $3.907 the week of May 9.
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