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Economic tide, fuel prices rise
The stock market's rally of the past two weeks raised the Dow Jones Index past 9,000; a milestone not seen since January. The rally pushed crude oil into a rally of its own, as crude reached a closing price last Friday on the New York Mercantile Exchange of $68.05 per barrel, a one-week increase of nearly $4.50 per barrel. As a result, the nation's decline in the average price of unleaded regular gasoline ended its string of 30 consecutive days on July 22. According to Retail Fuel Watch, a trade publication covering wholesale and retail gasoline pricing, "wholesale prices jumped more than a dozen cents in the last week, despite higher gasoline production, imports, and firmer "implied" demand." During the past week, the national average price of gasoline increased by 3 cents per gallon; by contrast, the average price in Florida declined by 1 cent. In the week ahead, retail prices could move slightly higher, reflecting the increase in wholesale prices. In Gulf Breeze, prices were down by several cents early this week. Unleaded regular gas was $2.42 at two Tiger Point locations while some mid- and supremegrade supplies were down as much as 10 cents a gallon. |
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