Newspaper article Sarasota Herald Tribune

Gas Prices Could Fall If Oil Declines

Newspaper article Sarasota Herald Tribune

Gas Prices Could Fall If Oil Declines

Article excerpt

FUEL PRICES

Gas prices have the potential to plummet, the results of oil hitting a six-week low after an unexpected record high in domestic inventories, AAA predicted.

Oil has gone from a trajectory of $55 to $60 per barrel to holding near mid-$40-per-barrel range.

Last year, when oil dropped to $40 per barrel, gas was selling in the $2 per gallon range, AAA said.

On Monday, prices at the pump in the Bradenton-Sarasota-Venice market were an average of $2.148, down from $2.175 a week ago. A year ago, that average was $2.119, AAA data showed.

"Wholesale gasoline prices fell at an incredible rate last week, dropping 20 cents in the Gulf Coast market," AAA spokesman Mark Jenkins said. "Motorists in Florida will likely see pump prices drop a dime or more in the next week or two. …

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