Monday, August 08, 2011

Gas Prices Expected To Fall Soon

Prices Falling? Hendry-Glades Still Higher Than Average

Average retail gasoline prices in Florida have fallen 4.5 cents per gallon in the past week, averaging $3.66/g yesterday. This compares with the national average that has fallen 3.7 cents per gallon in the last week to $3.66/g, according to gasoline price website

Gas prices are about 10 cents higher in Hendry and Glades county than the Florida average.

Including the change in gas prices in Florida during the past week, prices yesterday were 95.5 cents per gallon higher than the same day one year ago and are 8.4 cents per gallon higher than a month ago. The national average has increased 4.6 cents per gallon during the last month and stands 88.6 cents per gallon higher than this day one year ago.

This is the first time in recent weeks that prices are less than one dollar higher than a year earlier.

"We're watching an incredible decline in the price of crude oil and gasoline futures that will most certainly have an impact in the upcoming week at the pump. While motorists won't see large drops all at once, I most certainly expect declines in the days ahead," says Patrick DeHaan, Senior Petroleum Analyst. "Oil prices have shed nearly $15 per barrel in just a week- a dramatic decline brought on by various concerns, but mainly a weak manufacturing report and concern surrounding a possible downgrade of U.S. credit ratings," DeHaan adds.

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