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Gas Prices Finally Follow Crude Oil Prices Down

By Joe Benton
ConsumerAffairs.com

January 16, 2007

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Gasoline prices are finally falling with the national average price for regular unleaded gasoline at $2.23 a gallon, according to AAA, of Hawthorne, Florida.

The national average for midgrade is $2.37 and premium is selling for $2.45.

The highest price found for regular unleaded gasoline is $3.30 in St. Thomas, Virgin Islands. The cheapest gallon of regular is on sale for $1.78 in Boiling Springs, South Carolina.

Crude oil prices continue down, with a barrel of crude selling for $51.33.

Here is a look at some gasoline prices from around the country.

California: Despite price decreases over the last couple of weeks in most regions, average gasoline prices remain above the levels of one month ago, according to the Automobile Club of Southern California monthly Fuel Gauge Report. The Southern California average showed about a 13-cent gain between December and January.

The Southern California January average price for regular self-serve gasoline is $2.65, compared to $2.52 on December 12. The record high price for Southern California was $3.42, set on May 16.

"A gasoline glut has driven prices below $2 a gallon in many cities throughout the rest of the country, and most states are paying well below what they did last month," said Auto Club spokesperson Carol Thorp.

"Unfortunately, the West Coast is an exception. Prices are floating down like a feather, not dropping like a rock, in California, Oregon and Washington because of the limited number of refineries that produce our specially formulated fuel that is required to meet air quality regulations," she said.

Ohio: The average price for a regular gallon of gas in the U.S. has dropped 5 cents in the last week while in Columbus and Ohio prices are nearly 8 percent below national levels.

The average price for a gallon of regular unleaded gas in Columbus and in the state is at $2.06, while the national average is $2.23.

AAA Ohio reports that the rapid drop in the cost of oil from more than $60 a barrel to about $51 a barrel in the last two weeks has pushed down retail gas prices.

Florida: Gas prices have been steadily falling over the past week and drivers can expect to see the price of gas fall even further.

AAA says the price of a gallon of regular unleaded fell four cents just over the long holiday weekend, to $2.23 a gallon.

Orlando's average price is a bit higher at $2.27 a gallon.

Analysts say the reason is that the price of oil is dropping. It is around 30 percent lower than the record highs oil was trading for this past summer.

It is expected to go down even further next month.

Michigan: Drivers in southeast Michigan are the most fortunate in the state as gasoline prices have fallen to $1.99 a gallon, the lowest since March 7, 2005.

Michigan motorists in general are paying 18 cents less per gallon than the national average, AAA reports. AAA Michigan in Dearborn said that the statewide average dropped from $2.24 a gallon last week to $2.05.

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