Oil prices surpassed $101 a barrel last week, but quickly fell back below $100 after the value of the euro dropped and European leaders acknowledged the resolution of the debt crisis would be a longer than anticipated process. Crude oil settled Friday at $97.41 a barrel on the New York Mercantile Exchange—$3.15 more than the week prior.
Although the price of oil has inched up week after week, gasoline prices continue to fall on lackluster demand levels. Gasoline demand is 3.6 percent behind a year-ago and the reduced demand has kept pump prices at bay. However, demand for diesel has spiked with infrastructure development across the globe. The jump in demand caused diesel prices to hit nearly $4 a gallon.
“Thanksgiving travelers will get a bit of a break at the pump this year. Although a gallon of gas costs more than last year, motorists shouldn’t see prices spike before Thanksgiving,” said Jessica Brady, AAA spokesperson, The Auto Club Group. “There’s a good chance gas prices will continue to drop into Wednesday—the official start to the holiday.”
The national average price of unleaded regular gasoline is $3.35 a gallon, 7 cents less than last week. Florida’s average price of $3.36 is 5 cents less than last week, while Georgia’s average price of $3.28 dropped 7 cents. Tennessee’s average price of $3.18 decreased 6 cents from last week, respectively.