Southeast gas prices fall - Local news, weather, sports Savannah | WSAV On Your Side

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Southeast gas prices fall

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Southeast gas prices have started to descend after a steady increase since November 15. Local pump prices became inflated after maintenance issues disrupted Gulf Coast supplies. The decrease may not last too long, as a number of factors placed upward pressure on oil prices last week.

A barrel of oil closed at $97.65 on the NYMEX last Friday, up from $94 the week prior. Crude prices jumped after the unemployment rate fell to 7 percent in November and consumer sentiment rose to a 5-month high, according to the Thomson Reuters/University of Michigan report. U.S. crude supplies also fell for the first time in 11 weeks.

"The good news is motorists should start to see Southeast gas prices inch lower this week after the Thanksgiving spike," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Pump prices may not move lower for much longer though, as the cost for crude oil jumped on positive economic news and an increase for heating oil."

The national average for a gallon of regular, unleaded gasoline is $3.26, 1-cent less than last week. Florida's average of $3.43 and Georgia's average of $3.23 both fell 2 cent from last week. Tennessee's average of $3.13 decreased 3 cents from last week.

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