Posted: Monday, June 25th 2012 at 10:11am
Gas prices continue downward trend
By Ken Stanford Staff
TAMPA, Fla. - Oil prices dropped below $80 last week for the first time in almost 10 months after reports forecasted a continued bleak economic outlook.
The U.S. Energy Department forecast oil demand in the U.S. and Europe will fall for the second year in a row after the first half of 2012 reflected slower growth than initially expected. Oil stockpiles are at their highest level in 22 years and increased by 2.9 million barrels last week.
"At this point, retail gasoline prices are forecast to continue their decline into the heart of the summer travel season," said Jessica Brady, AAA, spokeswoman, The Auto Club Group.
The national average price of regular unleaded gasoline is $3.42, 8 cents less than last week. Georgia’s average of $3.21 decreased 5 cents from last week, Florida’s average of $3.26 fell 6 cents, and Tennessee’s average price of $3.10 dropped 7 cents from last week, respectively.
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