By South Florida Business Journal

Retail gas prices dipped last week for the first time since Nov. 24. And, the decrease continues into this week, with the national average price falling 2 cents from last week.

The decline came despite an increase in the price of crude oil, which rose 23 cents on Friday to settle at $89.34 a barrel on the New York Mercantile Exchange.

Oil supplies and reserves are plentiful in the U.S. and in other developed countries, according to AAA Auto Club South.

However, the stable prices are uncertain, as unrest in Egypt has investors worried it could spill into Saudi Arabia and affect oil production.

"While Egypt isn't a major player in the oil market, Saudi Arabia is the world's largest oil exporter and if oil production is affected we can expect oil prices to rise," AAA Auto Club South spokeswoman Jessica Brady said in a news release.

Closer to home, the average price of a gallon of regular unleaded gasoline in Fort Lauderdale is $3.15, down 3 cents from a week earlier. In Miami, the average price is $3.16, down from nearly $3.19 a gallon. In West Palm Beach, the average price of a gallon of regular is at $3.20, down from $3.21 a week earlier.

Copyright 2011 American City Business Journals

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