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Gas prices decline this week

07/28/14 6 a.m.

PRESS RELEASE

Gasoline is selling at the lowest price since March amid rising gasoline supplies and falling oil prices. The national and Florida average prices for a gallon of regular unleaded gasoline are on a 30-day streak of declines. Prices in Georgia and Tennessee have fallen 34 and 32 consecutive days respectively.

"Oil prices briefly rose following the crash of Malaysian Airliner Flight MH17, but gas prices didn't skip a beat last week," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Motorists continue to enjoy discounts at the pump and that's likely to continue this week."

The price of oil fell more than a dollar on the NYMEX this week. WTI settled at $102.09 a barrel Friday, $1.04 cheaper than the week prior. Oil is trading lower as gasoline supplies reach a four-month high and outpaces demand.

The national average price for a gallon of gasoline is 6 cents cheaper than last week. The average price also fell 5 cents in Florida, Georgia and Tennessee.


CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

  Sunday Saturday Week Ago Month Ago Year Ago
National $3.527 $3.533 $3.578 $3.684 $3.639
Florida $3.455 $3.463 $3.506 $3.627 $3.607
Georgia $3.434 $3.441 $3.479 $3.605 $3.511
Tennessee $3.307 $3.314 $3.358 $3.474 $3.426