College students struggling with historic tuition hikes and decreased cash flow from parents hit by the recession have some good news — gas prices are going down!

AAA released a report Sunday saying the sluggish economy and low demand led to the steepest week-to-week drop this year in the price of crude oil — a $6.84 per barrel dip.

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Experts with AAA say those conditions that caused the crude price drop will push down prices students pay at the pump here in Central Florida in the weeks ahead.

In the past week, the average price of gasoline in Florida, Georgia and Tennessee declined by 7, 8, and 7-cents per gallon respectively. The national average price of gasoline shed 8-cents per gallon during the same period, according to the AAA release.

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On the New York Mercantile Exchange (NYMEX) crude oil closed Friday at $59.89 per barrel.

CURRENT AND PAST PRICE AVERAGES

For Regular Unleaded Gasoline

National: $2.537 (Current) | $2.618 (Week Ago) | $2.639 (Month Ago) | $4.098 (Year Ago)

Florida: $2.576 (Current) | $2.647 (Week Ago) | $2.632 (Month Ago) | $4.061 (Year Ago)

RELATED LINKS:

  • AAA’s Daily Fuel Gauge Report (fuelgaugereport.com) is updated each day and is the most comprehensive; reflecting actual prices from credit card transactions within the past 24 hours at two-thirds (100,000 stations) of the gasoline stations in the U.S. Its accuracy is unparalleled.
  • How much are you paying for gasoline taxes in Florida/Georgia/Tennessee? Use this link: http://www.aaasouth.com/acs_news/gas_taxes.asp to find out.