Speculators are optimistic central banks will make decisions to help bailout financially strapped countries. Europe's continued financial crisis threatens to curb global economic growth at a time when major economies are slow to recover. The price of a barrel of oil closed Friday at $84.03--7 cents less than the week prior.
Although a sense of optimism kept oil prices from falling last week, retail gasoline prices continue to retreat week after week. Signs continue to point to lower prices at the pump in the coming weeks after US manufacturing and consumer sentiment fell more than forecast. Consumer sentiment dropped to 74.1 from 79.3 in June, according to the Thomson Reuters/University of Michigan index. Although lower pump prices have made it more affordable for many families to travel this summer, consumers are still dealing with tight budgets and being as frugal as possible.
"The good news is retail gas prices continue to drop and are forecast to retreat throughout the month," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Pump prices are expected to drop again this week."
The national average price of regular unleaded gasoline is $3.50, 4 cents less than last week. Florida’s average of $3.32 dropped 5 cents from last week. Georgia’s average of $3.26 and Tennessee’s average price of $3.17 both decreased 4 cents from last week, respectively. Visit AAA’s Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.
Current and past gas price averages: National: