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Gas Price Retreat Continues

By Joe Benton
ConsumerAffairs.com

August 29, 2006
Gasoline prices have reached their lowest level of the entire summer with the national average price of regular unleaded gasoline hitting $2.84 a gallon, down 5 cents in 3 days.

The price of regular self-serve is down 8 cents a gallon from one week ago, down 17 cents a gallon from one month ago but up 24 cents from one year ago, according to AAA, of Hawthorne, Florida.

The last time the national average price for regular gasoline sat at $2.84 was in April. Demand for gasoline usually declines following the Labor Day weekend, suggesting prices may fall even more in the weeks ahead.

One year ago gasoline prices were about to jump to $3.06 a gallon setting a record high price as Hurricane Katrina crossed of the Gulf Coast damaging refineries and closing gasoline pipelines. Earlier this summer, the price of a gallon of regular gasoline peaked at $3.03

Midgrade gasoline is selling for an average price of $3.02 a gallon, while premium gasoline was averaging $3.13 a gallon. Those prices are down 5 cents a gallon in 3 days also.

Gasoline in Kahului, Hawaii is selling for 78 cents more than the national average at $3.62 a gallon. That is the most expensive gallon of regular gasoline in the country.

In Englewood, Ohio, regular gasoline is selling for $2.31 a gallon and that is the lowest price found in the country.

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