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Gas Prices Decline, So Does Consumer Confidence

High Gas Prices Eating into Family Budgets

By Joe Benton
ConsumerAffairs.com

June 8, 2007

• OPEC Unable to Stop Gas Prices' Slide • Give Thanks for Falling Gas Prices • Gas Prices Fall Below $2 a Gallon • Oil and Gas Supplies Rise • Gas Prices Accelerate Their Decline • Gasoline Prices Down 19 Cents in a Week • Charlotte Gas Stations Make Refunds to Consumers • Oil Snaps Back As Markets Sense Post-Election Bounce • Gas Prices Settle Still Lower for Weekend • Gasoline Prices Keep Falling • Gas Below $3 Nationwide • Average Gas Price Down to Nearly $3 a Gallon • Gas Prices Drop, Along With Oil • Gas Prices Head Lower as Economy Slows • Gas Price Declines for 9 Days • Gas Prices Continue Downward Trend • Oil Prices Surge By Record $25 a Barrel • Gas Prices Drop for 5 Days • Price-Gouging Probes Spread to 6 States • Investigations of $5 Gas in North Carolina, Florida, and Virginia • Shortages, Price Hikes Follow Ike in Southeast • States Investigate Gasoline Price Gouging Claims • Pumping More U.S. Oil Won't Lower Prices, Consumer Group Says • Oil Prices Fall, Gas Prices Surge • Gas Prices Slide 8 Percent from Record --- • More ...

Gasoline prices are dropping but the long run above $3 a gallon has battered consumer confidence, sending that index to a 10-month low.

The nationwide average price of regular self-serve gasoline is now $3.12, down from the record high of $3.23 a gallon heading into the Memorial Day weekend.

One month ago regular gasoline sold for $3.03 a gallon and one year ago it sold for $2.89 which was 23 cents less than the current price, according to AAA of Heathrow, Florida.

The average price of mid-grade gasoline is $3.31 and premium sells for $3.43.

Diesel prices remain unchanged at $2.90 a gallon.

The average price for a gallon of regular gasoline is now under $3 in 9 states. They are Virginia, Tennessee, South Carolina, New Hampshire, Mississippi, Missouri, Louisiana, Delaware and Alabama.

Good thing too. Consumers are reporting that the $3 per gallon fill-ups are taking a toll on their budgets. A number of retailers, including Wal-Mart Stores Inc. reported disappointing May sales numbers and blamed the numbers in part on rising gasoline prices.

U.S. refineries are running at their lowest use rates for this time of the year since 1992 and big oil companies say they are reluctant to invest in plant improvements because of the move in Congress to limit gasoline consumption.

The most expensive gallon of gasoline is now found on Beaver Island, Michigan at $4.51. Drivers in Lancaster, Pennsylvania are paying the least for a gallon of regular at $2.53.

Round-Up

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

Texas: Retail gasoline prices fell for a second week in a row.

Prices for regular gas averaged $3.01 per gallon in 11 Texas cities, down 4 cents from last week, according to the AAA Texas gasoline price survey.

The most expensive gas in the survey was found in El Paso, where regular grade fell 2 cents to $3.25 per gallon. The cheapest gallon of gasoline in Texas is found in Corpus Christi for $2.93.

"The type of vehicle a motorist drives, how it's maintained and driven are the most important factors for both conserving fuel and being safe behind the wheel," said AAA Texas spokeswoman Rose Rougeau. "Tips for conserving fuel, saving money and protecting the environment can be found in AAA's brochure called the 'Gas Watcher's Guide,' which is available for free in all of the AAA district offices in Texas."

California: One month after reaching all-time records, Southern California gas prices are down at least 15 cents from those record heights in most 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 $3.33, which is 5.1 cents cheaper than last week, 15 cents below last month, and 1 cent under last year.

In San Diego, the price is $3.32, which is 6.4 cents below last week's price, 17 cents under last month, and 3 tenths of a cent cheaper than last year.

On the Central Coast, the average price is $3.49, down 6.5 cents from last week, 11 cents under last month, and 4 cents higher than last year.

In the Inland Empire, the average price is $3.32, 6.4 cents below last week, 16 cents under than last month, and 3 cents cheaper than last year.

"Prices have come down by nearly a penny a day over the past week," said Auto Club spokesperson Carol Thorp. "It would take another month of similar declines to get prices below $3 a gallon."

In northern California, Greater Sacramento's average gas price has dropped almost 20 cents during the past month, and is close to the price a year ago, according the AAA Fuel Gauge report.

The city's average gas price is $3.24, compared to $3.26 on Wednesday -- and $3.43 a month ago. The city reached a record $3.43 on May 9.

Currently, Sacramento has the second-lowest price in the state, just behind Chico-Paradise at $3.24 a gallon. Yolo and Yuba gas prices also dropped in recent weeks to $3.25 a gallon.

The four-county region's average gas prices are well below the state's $3.35 per-gallon price at the pump, which also continues to drop. The national average dipped a penny to $3.13 on Thursday.

Michigan: Gasoline prices are dropping quickly throughout Michigan and the cheapest gas now appears to be $3.09.

The statewide average for fuel has dipped to $3.34 a gallon from a record-high $3.53 set on May 26.

Heading into the weekend, Michigan motorists can expect further price declines, as crude oil prices continue to fall.

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