Positive Economic News Pushes Crude Prices
Tony Potts
03-07-2010
The price of crude oil increased further amid positive economic news, closing at $81.50 a barrel on the New York Mercantile Exchange last week. 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.\\`
The national average price of unleaded regular gasoline is $2.74 per gallon and Tennessees average price is $2.64 per gallon, both reflecting a four-cent increase from last week. Floridas average price is $2.79, reflecting a three-cent increase and Georgias is $2.66, an increase of two cents, respectively.
\\`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.\\`
AAAs 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.
How much are you paying for gasoline taxes in Florida/Georgia/Tennessee? Use this link: http://www.aaasouth.com/acs_news/gas_taxes.asp to find out.
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