News Column

BRIEF: Malaysian Airline crash pushes oil prices higher

July 24, 2014

The Lebanon Democrat, Tenn.



July 24--News that a Malaysian airliner was shot down quickly put upward pressure on the price of oil, according to AAA.

West Texas Intermediate closed the week at $103.13 a barrel on the NYMEX on Friday -- an increase of $2.30 from last week.

"Oil rose on concerns that violence could spread in response to the crash," said Mark Jenkins, spokesman for AAA -- the Auto Club Group. "Gas prices are currently falling more than a half cent a day, but geopolitical tension could slow the rate of discount at the pump this week."

The national and Florida average prices for a gallon of regular unleaded are 5 cents cheaper than last week and fell for the 23rd consecutive day Sunday.

Prices in Georgia and Tennessee fell 4 cents last week. Georgia prices are on a 27-day streak of declines.

Tennessee prices fell for the 25th consecutive day.

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(c)2014 The Lebanon Democrat, Tenn.

Visit The Lebanon Democrat, Tenn. at www.lebanondemocrat.com

Distributed by MCT Information Services


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Source: Lebanon Democrat, The (TN)


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