Not even the Fourth of July weekend was enough to kick up oil prices, as gasoline costs are falling to what one organization is calling a three-month low.
The price of oil dropped for the third consecutive week, allowing the national average for a gallon of regular unleaded gasoline to fall for the 16th straight day, according to a new report from AAA. Since last week, the average price in the nation fell 4 cents to $3.62, the lowest price since April.
“Oil pieces hit a free-fall at the end of last week,” AAA spokesman Mark Jenkins said, in a release. “As a result, motorists in the Southeast could see prices at the pump fall 10 to 20 cents in the next two weeks.
Part of the relief came from increased U.S. stockpiles of oil, as well as easing risks in Iraq and Libya, Jenkins said. A barrel of oil was priced at a little more than $100 on Friday, down more than 3 percent from the week before.
The average price for a gallon of regular unleaded gasoline in Florida is 3 cents cheaper than last week, and the lowest since March 25. Gas in Florida on Sunday was $3.56 compared to the national average of $3.62. It’s still slightly above what prices were this time a year ago, at $3.52.
