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Gas Prices Dropping after OPEC Pledge

By Joe Benton
ConsumerAffairs.com

July 25, 2007

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Gasoline prices are dropping following the OPEC assurance that the cartel will produce more oil if necessary.

Across the country, drivers are paying an average of $2.95 a gallon for regular unleaded gasoline, down 5 cents from Friday, July 20, according to AAA, of Heathrow, Florida.

Analysts expect the average price to fall appreciably in the next few days following wholesale numbers that have declined by 20 to 69 cents a gallon over the last two weeks.

One month ago regular self-serve gasoline sold for $2.97 a gallon and one year ago a gallon sold for $2.99.

The average price of midgrade unleaded gasoline is now $3.12. The price of premium unleaded gasoline slipped to $3.24 a gallon, down 7 cents from four days ago.

Highest average prices are still on the West Coast at $3.05 and the Rocky Mountain states at $3.04. They are the only regions with average gasoline prices higher than $3 a gallon.

Despite the big price drop in the Midwest, some states there still had among the most-expensive gasoline in the country, according to AAA's daily tally. Refinery problems are blamed.

The statewide average in Illinois at $3.20 is highest on the mainland and second only to Hawaii's $3.28, according to AAA. Midwest states Iowa, Kansas, Michigan, Minnesota, Nebraska and Wisconsin all averaged more than $3, according to AAA.

At $4.16 a gallon, drivers in Beaver Island, Michigan, are paying the highest gasoline price in the country. Drivers in Urban, Ohio are seeing the lowest, at $2.43 a gallon.

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