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Gasoline Inches Below $2.50

By Joe Benton
ConsumerAffairs.com

September 19, 2006
The retail price of gasoline is down 13 cents in the last week and now sells for an average price of $2.49. That is the lowest average price since early March.

Gasoline prices have declined for six weeks and regular self-serve gasoline sells for less than $2.50 a gallon in 23 states.

Midgrade gasoline has declined to $2.64 a gallon and premium $2.83.

One month ago regular self-serve sold for $2.93 and one year ago a gallon cost $2.81.

Midwesterners are enjoying the lowest average price at just $2.32 and people on the West Coast paying the highest average price at $2.81.

The most expensive gallon of regular self-serf gasoline is found in Lee Vining, California at $3.69. The least expensive gallon is sold in Westchester, Ohio for $1.96.

Nationally the price has dropped 44 cents since last month and 32 cents since last year. Consumers are paying 10 percent less for gasoline than one year ago when hurricanes Katrina and Rita damaged the Gulf coast refining capacity.

Some analysts suggest the consumers could be paying closer to $2 per gallon by November. This summer's all-time high price for gasoline was $3.04 during the week of August 7.

The end of the summer driving season and declining oil prices are contributing to the drop in gasoline prices. Add in a slowing U.S. economy, and nearly every market force is pushing prices down.

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