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Gas prices decline across Florida,[link widoczny dla zalogowanych]
- Last week,[link widoczny dla zalogowanych], the International Energy Agency (IEA) announced the release of 60 million barrels of oil into the market. Strategic Petroleum Reserve will provide 30 million
barrels,[link widoczny dla zalogowanych], while the
remaining barrels will come from other countries,[link widoczny dla zalogowanych]. The decision was made after OPEC failed to come to any agreements at their June 8 meeting to increase productions quotas to help alleviate high oil prices and make up for the loss of Libyan sweet crude,[link widoczny dla zalogowanych].
Before the IEA made the announcement,[link widoczny dla zalogowanych], oil prices were dropping as a result of slowed economic growth,[link widoczny dla zalogowanych], both nationally and internationally,[link widoczny dla zalogowanych], and Europe's debt issues. Followed with the release of oil reserves,[link widoczny dla zalogowanych], crude prices fell Friday to settle at $91.16 a barrel on the New York Mercantile Exchange-$1.85 less than last week.
"The IEA's decision to release oil reserves into the market is part of an effort to help stimulate the economy by making gas prices less of a burden on consumers and hopefully create more disposable income,[link widoczny dla zalogowanych]," said Jessica Brady,[link widoczny dla zalogowanych], Auto Club South.
"Although oil prices were falling before the IEA announcement,[link widoczny dla zalogowanych], the reserves will help keep downward pressure on oil prices and cause retail gas prices to drop even further during the coming weeks. On average gas prices have fallen about 5 cents a week and the trend is expected to continue."
Florida's average price of $3.54 reflects a 5-cent decrease from last week while Georgia's average price of $3.50 reflects a 6-cent decrease from last week. The national average price of unleaded regular gasoline is $3.57 a gallon,[link widoczny dla zalogowanych], 8 cents less than last week.
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