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July Gas Price Increase Expected

By Joe Benton
ConsumerAffairs.com

June 29, 2007

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Gasoline prices have declined for 6 weeks but the best prices of the summer may now be behind us. Analysts report an unexpected fall in fuel inventories could soon send prices back up.

The average price for a gallon of regular self-serve is now $2.97, 22 cents less than last month but ten cents higher than last year.

Midgrade gasoline is selling for $3.15 and premium sells for $3.27.

The price of a gallon or regular gasoline has dropped below $3 in 30 states. The best prices are found in south Carolina where a gallon of regular sells for $2.77. Hawaii suffers from the highest average prices with regular gasoline costing $3.41.

With demand for gasoline nearing its peak heading into the July 4 holiday, the U.S. government announced that gasoline inventories fell 700,000 barrels in the week ending June 22. Analysts had predicted that inventories would increase by 1.1 million barrels.

At $3.92 a gallon, drivers in Beaver Island, Michigan are paying the most for gasoline. Drivers in Bethlehem Pennsylvania seeing the lowest prices at $2.52 a gallon.

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

California: Gas prices continue to drop across Southern California for the seventh consecutive week, but not at the penny-a-day pace of previous weeks, 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 $3.15, which is 4.4 cents cheaper than last week, 26 cents below last month, and 3 cents under last year.

In San Diego, the price is $3.14, which is 2.7 cents below last week's price, 27 cents under last month, and 4.5 cents cheaper than last year.

On the Central Coast, the average price is $3.39, down 1.4 cents from last week, 18 cents under last month, and 3 cents higher than last year.

In the Inland Empire, the average price is $3.12, 3.7 cents below last week, 28 cents under than last month, and 8 cents cheaper than last year.

"News reports on Thursday revealed that U.S. gasoline inventories have dipped significantly in the last week because of reduced imports," said Auto Club spokesperson Carol Thorp. "It's unclear whether that is a temporary situation or a trend that will impact prices at the pump."

Texas: AAA reports retail gasoline prices have dropped for a fifth straight week. The lower cost at the pump comes as travelers prepare for next week's July fourth holiday.

According to AAA Texas, retail prices for gasoline average $2.88 per gallon across the state. That's a drop of 3 cents from last week.

The survey found El Paso with the highest average retail price for regular, at $3.09, down a nickel from last week. The lowest average price per gallon was Corpus Christi at $2.74, 4 cents lower than last week.

AAA expects about 3.4 million to travel in Texas during the holiday period.

Florida: Although motorists are seeing slightly lower prices at the gas pump this week in Florida but don't expect that trend to continue.

Randy Bly, director of community relations for AAA Auto Club South, says history shows that refinery output should be higher to ensure adequate inventory for the high-demand months of July and August.

Gas prices in Florida currently average $2.94 a gallon for self-serve regular. In Orlando, gas prices for self-serve regular are a bit lower at $2.88.

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