Reports also showed domestic fuel demand in August dropped to its lowest level in 15 years, according to the American Petroleum Institute.
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ALBANY, GA --
AAA is reporting that oil prices to settled below $93 for the first time since August 10 for first week in 2012 that motorists will see more significant price drops at the pump.
According to AAA, inclement weather, the Federal Reserve's stimulus plan, and continued violence overseas has kept upward pressure on both oil and gas prices, last week's report on fuel demand reversed trends. U.S. inventories of crude oil spiked by 8.5 million barrels last week and made the largest gain since March. Reports also showed domestic fuel demand in August dropped to its lowest level in 15 years, according to the American Petroleum Institute.
"Whether or not this downward trend will continue is uncertain, what is certain is that we are going to see more volatility in oil prices," said AAA spokeswoman Jessica Brady in the release. "Gas prices made more significant losses than recently seen with states averages in the Southeast falling 5 cents or more from last week."
Gas prices provided by AAA
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