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Friday, Feb 05, 2016
Business News

Good news: Gas prices fall for fourth week in a row


Gas prices in the Tampa Bay area fell for a fourth week in a row, and a gallon of regular unleaded now averages $3.632.

That compares with $3.692 a week before, and $3.903 a month ago. Statewide, gas now averages $3.685 per gallon for regular unleaded, down from $3.74 a week before and $3.938 a month before.

Gas prices have fallen in tandem with the global price of oil, and a sharp selloff in commodities in general. A barrel of oil now averages about $100 per barrel, down from more than $113 a month ago. 

Prices eased for a variety of reasons, said AAA Auto Club South spokeswoman Jessica Brady. U.S. factories cut payrolls last month, pushing the unemployment rate to 9.1 percent from 9 percent.

Supplies of oil supplies continue to grow, with stockpiles up by 2.8 million barrels last week for a total of 373 million barrels in the nation's stockpiles, according to the Energy Department.

"The economic growth is showing signs of a slowdown, and with that comes a decrease in fuel demand," Brady said. "Oil may drop below $100 this week after the pessimistic job report, but fuel prices are likely to remain relatively stable with little fluctuation."


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