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Gasoline and oil prices move lower again this week

November 4th, 2013 2:30 pm by Staff Report

AAA South said Monday that as stockpiles continue to increase and demand isn’t expected to increase, "it’s likely that both oil and retail prices will move lower again this week."

According to AAA, for the first time since June, oil prices traded below $95 per barrel last week.

"The value of the dollar increased last week and helped push oil prices down. According to the Energy Information Administration, last week was the sixth week in a row that the nation’s fuel supplies increased," AAA South said in a news release Monday.

A barrel of oil closed last Friday at $96.41 on the NYMEX -- $3.24 less than the week prior.

Kingsport has the lowest average gasoline price this week at $3.01 cents per gallon, followed by Johnson City at $3.08 and Bristol at $3.13. Nationally, the average price per gallon is $3.25.  

AAA suggests that for the best efficiency, drivers should make sure their cars are in good shape, reduce excess weight in the car, use the most fuel efficient vehicle possible, and combine trips to reduce gasoline use. Other options are to take public transit where possible or ride a bike. Other suggestions and the AAA Fuel Cost Calculator can be found online at AAA.com

 

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