AAA: Florida Fuel Prices Drop as European Unemployment Reduces Demand

Not to say unemployment anywhere is good, but European unemployment may actually be helping Floridians in one area: fuel prices.

AAA reports that one aspect for a continued decrease in fuel prices is that demand is down across Europe where the National Statistic Institute reports Spains unemployment rate has hit 25 percent and 11.4 percent in the euro zone.

And the run on fuel in advance of Hurricane Sandy making landfall in the Northeast is expected to have no impact on the downturn that should continue through the Thanksgiving holiday, according to the motor club.

"While motorists would expect gas prices to surge with Hurricane Sandy headed for the East Coast, the storm has not yet caused prices to spike," AAA spokeswoman Jessica Brady stated in a release.

Other factors for the drop include ample supply numbers and contracting demands that have pushed oil prices to a three-month low.

Florida gas prices are down an average of 12 cents in the past week, 20 cents since late September, to $3.52 a gallon of regular gas.

The decrease in demand has also hit the market, as a barrel of oil settled Friday at $86.28 on the New York Mercantile Exchange -- $3.77 less than a week earlier.