Fuel Price Decline Enters 10th Straight Week
The decline in fuel prices has extended to the 10th straight week. Gasoline prices fell 5.1 cents in the last week to $3.86 a gallon, while diesel prices fell 6.3 cents to $4.97 a gallon. The national average gas price is down 51.3 cents from a month ago but 72.2 cents higher than a year ago.
GasBuddy’s Patrick D Haan says diesel prices are below $5 a gallon for the first time since March, “likely helping to cool off aggressive inflation numbers.” However, De Hann adds, “The pace of declines is certainly slowing down as oil prices have bounced up slightly.”
Here in the southeast, the average price of diesel is $4.72 a gallon in Alabama, $4.67 in Georgia, and $4.71 in Florida.
Thus far, Mother Nature has spared markets from disruptions from hurricanes, but that remains a wildcard as we head into the peak of hurricane season.
Oil markets rallied last week as global oil supply continues to tighten, but balancing concerns of an economic slowdown in many major developed countries.
According to Andrew Gross, a spokesperson with AAA, “Drivers are now benefiting from gas prices that are $1.11 less than their peak in mid-June.”