Rise in gasoline prices moderates in Palm Beach County
By Palm Beach Business.com
DELRAY BEACH — Gas prices rose over the past week, but at a more moderate pace, according to the U.S. Energy Information Agency’s latest report released Monday evening. The moderating trend should continue this week.
The national average for a gallon of regular increased to $3.07, up from $3.052 a week ago and $2.958 a month ago.
Prices were essentially flat in Florida, rising to $3.069 a gallon from $3.068 a week earlier and $2.93 a month ago.
In Palm Beach County, AAA’s Fuel Gauge report has regularly averaging $3.178 a gallon, up from $3.169 a week ago and $2.99 a month ago. As usual, Palm Beach County is the most expensive market in the state, according to AAA.
December showed the largest decrease in U.S. oil stockpiles in the last four years, with inventories dropping more than 20 million barrels to 339 million. The decrease came with an increase in holiday travel and demand for heating oil. However, economists forecast the price of oil will decrease this week as stockpiles are expected to make gains as demand slows.
"It's a mixed bag right now as to whether or not oil will increase this week," said Jessica Brady, manager of AAA public relations. "Although economists forecast a lag in demand, a currently weak U.S. dollar could drive the price of oil higher this week. In addition, investor optimism is high as forecasts project an increase in both heating oil and fuel demand for 2011. Retail gas prices will likely remain unchanged from last week and give a stable start to the new year."
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