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AAA: Our break at the pump could be coming to an end

By Palm Beach Business.com

DELRAY BEACH — The end is near. The end of the near free-fall in gasoline prices at the pump, that is.

Since April, gasoline prices have fallen nearly 60 cents a gallon in large measure because of the European debt crisis and a lull in the tensions over Iran’s nuclear program.

Last week, the national average for regular popped up a nickel gallon as Europe imposed sanctions on Iran. That revived fears that Iran will move to block the Straits of Hormuz and disrupt global oil supplies — one of the factors that drove up gasoline prices in the first place. European leaders also came up with plan to resolve the debt crisis, which in theory, should reduce concerns about global recession.

Crude rocketed from an eight-month low of $77.69 a barrel on June 28 to $88 a barrel last week before settling at $84.45 on Friday.

"Although oil prices retreated at the end of last week, it's likely motorists have seen the last of the summer price reductions at the pump," AAA’s Jessica Brady said. "State averages for gasoline increased across the southeast this week and retail prices will start to stabilize as more balanced pressure is weighed on the market.

“While some local retailers have already started to post higher gas prices, drivers can still find relatively cheap gas by filling up in areas where there's ample competition …  .”