Gas prices plummeted nearly 10 cents last week in Tampa Bay and are expected to drop at least another five cents over the next week as people gear up for the holiday weekend, according to AAA.
It's a downward trend that is anything but normal.
In a typical year, Memorial Day typically means the start of higher gas prices, said Jessica Brady, a spokeswoman for AAA Auto Club South.
Regular gas is running at $3.76, down from $3.86 a gallon about a week ago. It cost $3.79 a month ago.
"This is the first time we've had a trend with oil under $100 per barrel," Brady said.
Brady gave several reasons for the decrease: Demand in the U.S. is down; China and Japan's economies are expected to slow, curbing international demand; the dollar is gaining ground on the Euro, increasing its spending power.
Although this long Memorial weekend will have more people out on the roads, Brady said she didn't think it would have much impact on overall gas prices.
It's difficult to say where the market will go in upcoming weeks. Several experts predicted earlier in the year that gas prices would hit $4 per gallon.
"There's so much money in the oil market right now," said Brady. "It's so volatile. It's reacting to everything."
Although gas is down on average in Tampa Bay, prices varied widely from station to station. Gas ranged from $3.45 at a station in Plant City to $3.99 at a station in New Port Richey.
Brady said several factors go into setting the price at individual stations, including overhead costs, location and competition.
It's a downward trend that is anything but normal.
In a typical year, Memorial Day typically means the start of higher gas prices, said Jessica Brady, a spokeswoman for AAA Auto Club South.
Regular gas is running at $3.76, down from $3.86 a gallon about a week ago. It cost $3.79 a month ago.
"This is the first time we've had a trend with oil under $100 per barrel," Brady said.
Brady gave several reasons for the decrease: Demand in the U.S. is down; China and Japan's economies are expected to slow, curbing international demand; the dollar is gaining ground on the Euro, increasing its spending power.
Although this long Memorial weekend will have more people out on the roads, Brady said she didn't think it would have much impact on overall gas prices.
It's difficult to say where the market will go in upcoming weeks. Several experts predicted earlier in the year that gas prices would hit $4 per gallon.
Although gas is down on average in Tampa Bay, prices varied widely from station to station. Gas ranged from $3.45 at a station in Plant City to $3.99 at a station in New Port Richey.
Brady said several factors go into setting the price at individual stations, including overhead costs, location and competition.
No comments:
Post a Comment