Complain about a product or service

Gas Prices Under $2 in Five States

Bush to Double Strategic Reserve

By Joe Benton
ConsumerAffairs.com

January 26, 2007

• Latest Gas Price Round-Up • Hybrid Sales and Prices Climb in Lockstep with Gas Prices • High Gas Prices Expected To Dampen Memorial Day Travel • Truckers Bemoan Burden of High Diesel Costs • Gas Prices Biting into Worker Productivity • Consumers Warned About Gas-Saving Schemes • Is Tony Soprano Controlling Gas Prices? • Oil & Gas: The New Bubble • Critics: New Federal Gas Mileage Standard Falls Short • Consumers Feeling Pain of Skyrocketing Gas Prices • New Gas Price Record Forecasts Expensive Summer Driving Season --- • More ...

Gasoline prices are averaging less than $2 a gallon in five states with Oklahoma leading the way at $1.91.

The four other states where the average selling price of a gallon of regular unleaded is less than $2 are Kansas, Minnesota, Missouri and South Carolina.

The national average price for regular unleaded is $2.15. Mid-grade gasoline now sells for $2.28 and premium $2.53.

One month ago regular unleaded gasoline sold for $2.34, the same price as one year ago.

International oil prices rose this week after the U.S. announced plans to build up the Strategic Petroleum Reserve by 11 million barrels in the spring, doubling the amount of oil in the reserve.

The Bush administration insists that filling the reserve should not put upward pressure on prices but the decision could help end the continuing decline in pump prices.

Declining gasoline prices have substantially reduced oil industry earnings and the decision to fill the strategic reserves is welcome news in oil company board rooms.

The most expensive gallon of regular gasoline is once again found in St. Thomas, the Virgin Islands, at $3.23 and the cheapest gallon is on sale in Jackson, Missouri for $1.73.

Here is a look at some gasoline prices from around the country in the weekly ConsumerAffairs.com Gas Price Round Up.

Texas: Most areas of the state began seeing more gas stations post prices below $2 a gallon this week, as prices continued declining for a fourth straight week in the new year, according to the AAA Texas Weekend Gas Watch.

The average price for self-serve regular gasoline in Texas is $2.05, down six cents.

The Austin area continues to have the highest average on the list at $2.12 a gallon, which is five cents lower than last week. Corpus Christi has the cheapest gas on the list with a $1.91 average, which is nearly seven cents below last week.

"We've seen crude oil prices jump back up to $55 a barrel this week on news that the President wants to double the U.S. strategic oil reserve and signs from OPEC that it is honoring its pledge to cut oil production," said Rose Rougeau, spokesperson for AAA Texas.

"But gasoline supplies across the country remain plentiful, so it's hard to say whether the crude oil prices will immediately impact this downturn at the pump," she said.

Michigan: Gasoline prices jumped back above $2 a gallon as continued cold weather in the Midwest and Northeast have pushed oil prices back above $55 a barrel.

Pump prices in Michigan jumped 3 cents to an average of $2.01, according to Heathrow-Fla.-based AAA.

Industry experts suggest that petroleum prices are likely to hover around current rates for the next several weeks. Cold weather is finally settling in and having an impact on prices.

California: Motorists are enjoying a fourth straight week of dropping gas prices that are at or even below the price levels of this time last year in some areas, according to the Automobile Club of Southern California's Weekend Gas Watch.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.51, which is 5.9 cents lower than last week, 12 cents lower than last month, and four cents higher than last year.

In San Diego, the price is $2.52, which is 7.9 cents below last week's price, 16 cents below last month, and one cent below last year.

On the Central Coast, the average price is $2.701, down 6.4 cents from last week, 14 cents below last month, and seven cents higher than last year.

In the Inland Empire, the average price is $2.52, 6.9 cents below last week, 13 cents lower than last month, and 1.2 cents higher than last year.

"Oil industry analysts point out that crude oil has jumped back up to about $55 a barrel from a low of below $50 on news that the President is calling for a doubling of the strategic oil reserve and signs that OPEC is honoring its pledge to cut oil production," said Auto Club spokesperson Carol Thorp.

"However, local prices are continuing to drop because refiners in California have an excess supply of the winter blend of gasoline, which they will no longer be able to sell after the end of February because of air quality regulations," she said.

Report Your Experience
If you've had a bad experience -- or a good one -- with a consumer product or service, we'd like to hear about it. All complaints are reviewed by class action attorneys and are considered for publication on our site. Knowledge is power! Help spread the word. File your consumer report now.

Back to the top |