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Pump price falls despite increased foreign violence

Retail gas prices fell 2 cents from last week and remain 15 to 20 cents less than last year. / MGN Online


Retail gas prices fell 2 cents from last week and remain 15 to 20 cents less than last year. However, the increased violence in Egypt pushed oil prices higher and will continue to keep upward pressure on fuel prices until it ceases.

The recent violence in Egypt creates more concern that supplies in the region will be disrupted, specifically those that pass through the Suez Canal. At this time, the Suez Canal is operational and transports about 2.5 million barrels of oil a day.

"As long as the Suez Canal remains open and oil is transported daily, motorists should not see a huge spike in gas prices as a direct result of violence in Egypt. That also means not to expect large drops in gas prices either," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Tensions in the Mideast and North Africa will continue to keep oil prices elevated because the region provides such a high percentage of the world's oil supply."

In the first quarter of the year, the Middle East provided 35 percent of the world's oil output, according to the International Energy Agency.

The national average price of regular unleaded gasoline is $3.54, 2 cents less than last week. Florida's average of $3.51, Georgia's average of $3.44, and Tennessee's average of $3.32 all fell 2 cents from last week. Visit AAA's Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

Current Week Ago Month Ago Year Ago

National: $3.540 $3.555 $3.672 $3.720

Florida: $3.505 $3.528 $3.621 $3.658

Georgia: $3.438 $3.455 $3.546 $3.639

Tennessee: $3.316 $3.341 $3.444 $3.496

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