Gas Price Falls...Some at $3.11 per gallon in 'Boro.
Posted: Monday, September 30, 2013 7:39 am
Amicable talks with Iran's leadership, a possible government shutdown, and easing tensions with Syria pushed oil prices near $100 a barrel last week. As a result of the lower cost of crude, fall gas prices are expected to continue on a downward trend.
Here in Murfreesboro, the week starts with many discounters offering regular gas for $3.11 per gallon. Some dropped the price to less with cash purchases.
Talks with Iran could mean a removal of sanctions and the return of Iranian oil to the market. Currently, the oil market is well stocked. Crude inventories unexpectedly rose for the first time in a month by about 3 million barrels, according to the Energy Information Administration (EIA). The EIA initially forecast a 1 million barrel increase in supplies.
"At this time, every indicator points to lower gas prices," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Southeast gas prices are about 20 to 25 cents less than they were a month ago and are well below last year's averages at this time. Fuel prices will likely remain affordable and could reach close to $3 a gallon if prices continue to drop as forecast."
A barrel of oil settled Friday at $102.87 on the New York Mercantile Exchange—$1.80 less than the week prior.