April continues to bring lower fuel prices - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Lower fuel prices continue in April

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TAMPA (WTOC) -

Gas prices continue to fall as mid-April arrives.

Prices at the pump did the exact opposite of what was forecast at the start of the year. Instead of reaching a peak price, gas prices dropped to about 40 cents less than they were this time a year ago, according to AAA The Auto Club Group.

Oil prices also dropped last week after U.S. stocks fell on reports of weak corporate earnings, lackluster demand and a strengthened dollar. The nation's oil output also continues to make gains. According to the Energy Information Administration, oil output rose 0.4 percent during the second week of April, as gasoline demand fell, according to the AAA news release.

"Given the state of supply and demand fundamentals, gas prices will likely continue on this downward path for the next few weeks," said AAA spokeswoman Jessica Brady in a news release. "Pump prices are about 40 cents less than they were a year ago and the price gap is expected to widen."

A barrel of oil closed Friday at $88.01 on the New York Mercantile Exchange - $3.60 less than a week ago. 

The national average price of regular unleaded gasoline is $3.52, 1 cent less than last week. Georgia's average of $3.34 fell 6 cents from last week.

Visit AAA's Daily Fuel Gauge Report to find national, state, Coastal Empire and Lowcountry gas prices. 

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