Continued positive economic news pushes crude oil prices higher
TAMPA, Fla. (March 7, 2010) -- The price of crude oil increased further amid positive economic news, closing at $81.50 a barrel on the New York Mercantile Exchange. Reports from the U.S. Labor Department stated unemployment rose less than forecast showing further signs of economic recovery. The continued positive news bolstered investor expectations that U.S. fuel demand is on the rise.
In addition, a March 3, Energy Department report showed "U.S. fuel use, averaged over the past four weeks, was 3 percent higher than a year earlier."
"Several positive economic reports in the past two weeks have pushed the price of crude oil higher and higher as investors see signs that fuel demand will grow," said Jessica Brady, manager, AAA Public & Government Relations. "Last week, retail fuel prices remained relatively unchanged while waiting to see if crude prices would continue to rise or decline. Now that the price of crude has increased, retail gas prices will follow suit. Some markets have already seen a four-cent increase in retail prices since Friday afternoon."
The national average price of unleaded regular gasoline is $2.74 per gallon and Tennessee’s average price is $2.64 per gallon, both reflecting a four-cent increase from last week. Florida’s average price is $2.79, reflecting a three-cent increase and Georgia’s is $2.66, an increase of two cents, respectively.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Current Week Ago Month Ago Year Ago
- National: $2.747 $2.704 $2.664 $1.946
- Florida: $2.797 $2.761 $2.704 $1.988
- Georgia: $2.667 $2.642 $2.543 $1.829
- Tennessee: $2.640 $2.602 $2.555 $1.810
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.
