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Gas Prices May Have Bottomed Out

Not Much More Movement Expected This Summer

June 26, 2006

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U.S. gas prices are posting only small declines as the price of ethanol used as a summer-time additive joins international oil near record highs.

Oil industry analyst Trilby Lundberg predicts consumers will be stuck with prices about where they are now throughout the summer.

"Here we are in the summer driving season, demand is flat but not shrinking. I expect that gasoline prices will neither rise nor fall to a great degree," Lundberg said.

She does not expect substantial drops in either the price of crude oil or ethanol.

"Petroleum refiners are required to buy minimal volumes of ethanol from ethanol refiners, and with the import tariff on ethanol, the supply of ethanol has been very tight," she said.

The American Automobile Association reports the national average for regular gasoline is now $2.84, down about a penny in the last month.

"These slight declines in prices were in the cards, as our refining capacity was coming back up from work projects and from hurricane damage of last year and from high imports of gasoline," according to Lundberg.

The break is nice, says Lundberg, but not when compared to last year.

"In the past seven weeks, gasoline prices are down about 6 cents. They peaked back in early May. But the price had gone up about 77 cents since late last year," she said.

The average price for mid-grade gasoline is just under $3 at $2.99 a gallon. Premium grade costs $3.09.

Charleston, S.C. has the lowest average price of gasoline in the country. A gallon of regular sells for $2.61 a gallon. The highest average pump price is $3.26 per gallon in Honolulu.

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