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Debt crisis pushes oil prices south
By Palm Beach Business.com
DELRAY BEACH — The European debt crisis is not just putting a damper on stocks; it’s also suppressing oil prices — a bit of good news for consumers in an otherwise gloomy economic picture.
The national average for a gallon of regular dropped to $3.601 from $3.661 a week ago, according to Monday’s report from the federal Energy Department. A month ago, the national average sat at $3.581 a gallon.
In Florida, regular averages $3.511 a gallon, down from $3.559 last week. A month ago, the regular averaged $3.535 a gallon.
In Palm Beach County, regular averages $3.676 a gallon, down from $3.73 a week ago, according to AAA’s Fuel Gauge Report.. In Broward County, regular averages $3.647 a gallon, down from $3.697. Palm Beach County, as usual, is the most expensive gasoline market in Florida.
"Retail gas prices actually fell this week despite the markets volatility," said Jessica Brady, spokesperson, AAA Auto Club South. "Pump prices have stayed between $3.55 and $3.65 nationally and are expected to remain relatively the same this week. The market is expected to be volatile again this week as the European Union works to solve debt issues and the Federal Reserve meets to discuss economic conditions in the U.S."
The price of crude oil settled Friday at $87.96 a barrel on the New York Mercantile Exchange — 72 cents more than the week prior. On Monday, crude fell further, down $2.26 to settle at $85.70.
