Again, crude oil declines as unemployment rises to 10.2 percent
The economic recovery that is expected to push crude oil prices higher in 2010 got detoured last week when the U.S. Dept. of Labor reported the nation’s unemployment had topped 10% for the first time since 1983.
On the New York Mercantile Exchange (NYMEX) crude oil traded above $80 per barrel for much of the week but with Friday’s news it closed at $77.43 per barrel. Oil analysts reason that if people aren’t working, they’re not likely to consume more fuel.
The positive news for consumers is that retail prices have flattened, at least temporarily.
The national average price of unleaded regular gasoline has declined by 3 cents per gallon in the past week to $2.66 per gallon; Florida, Georgia and Tennessee average prices today have all declined from one week ago. Florida’s average price of gasoline declined by 1.8 cents and is now at $2.71 per gallon. Georgia’s average price declined by 3 cents per gallon and is now at $2.53; and Tennessee’s average price dropped by 2 cents per gallon and is now at $2.52.
“The price at the pump does not fully reflect the increase in October wholesale prices,” said Gregg Laskoski, managing director of public relations, AAA Auto Club South. “For now, it appears that retail margins are tightening and they have not yet passed along the entire 30-cents per gallon (on average) increase in October wholesale prices.”
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
National: $2.669 $2.693 $2.471 $2.282
Florida: $2.711 $2.729 $2.423 $2.312
Georgia: $2.535 $2.565 $2.282 $2.141
Tennessee: $2.524 $2.544 $2.281 $2.164
AAA’s Daily Fuel Gauge Report (fuelgaugereport.com) is updated each day and is the most comprehensive; reflecting actual prices from credit card transactions within the past 24 hours at two-thirds (100,000 stations) of the gasoline stations in the U.S. Its accuracy is unparalleled.
