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Gas Prices Drop; Only Five States Above $3

Nationwide average for regular self-serve falls to $2.80

By Joe Benton
ConsumerAffairs.com

August 10, 2007

• Labor Day Gas Prices Up a Penny • Gas Prices Fall for 37 Days • Gas Prices Slide 8 Percent from Record • Gas Prices Creep Down • Oil Price Trend May Be Good News For Consumers • Gasoline Drops Below $3.90 a Gallon • Gas Prices Pull Back Slowly • Oil Prices Fall As Storm Misses Rigs • Latest Gas Price Round-Up • 'Run Your Car On Water' Scheme Could Leave Consumers All Wet • Unregulated Energy Trading Blamed for Much of Gas Price Gusher • Airlines Join Effort To Limit Oil Speculators • Questions Raised about MyGallons.com • 'Hypermiling' Is Dangerous, Says AAA • Struggling Drivers Blame Washington for High Gas Prices • What’s Really Fueling Those Sky-High Oil Prices • Credit Card Fees at the Pump are a 'Hidden Tax' on Consumers • Survey: 3 Out of 4 Angry About High Gas Prices • $2 A Gallon Gas Possible, Analysts Tell Congress • Speculators Buy More Oil Contracts Than Oil Companies • Saudis to Pump More Oil • Limiting Oil Speculators Gains Ground • Congress To Probe Oil Price Spike • Oil Market 'Saturated,' Iran Claims • Feds See No Relief from High Gas Prices • High Gas Prices Could Mean Lower Insurance Rates • High Gas Prices Good For Kia, Honda • Gas Prices Rip Past $4 and Keep Climbing • Administration, OPEC See Different Causes Of Oil Surge • Feds Probing Possible Oil Market Manipulation • Beware of Fuel Sippers Sipping High-Test • Retailers Respond to High Gas Prices with Discounts, Promotions • Rushing Into a Smaller Car Too Soon May Not Save Money • Hybrid Sales and Prices Climb in Lockstep with Gas Prices • 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 continue their decline, averaging $2.80 for a gallon of regular self-serve throughout the country, 6 cents less than one week ago.

Mid-grade gasoline now sells for $2.97 and premium sells for $3.08.

One month a gallon of regular cost $3.00 and one year a go a gallon sold for $3.04.

Only five of the contiguous 48 states -- California, Montana, New York, Alaska and Connecticut -- still have average prices above $3 per gallon.

Hawaii has the highest statewide average price at $3.27. In the contiguous United States, Connecticut and New York are highest at $3.04, and South Carolina is lowest at $2.60.

Regular gasoline in Alaska sells for an average of $3.11.

The California statewide average price dropped 10 cents over the week to $2.97.

The most expensive gallon of regular gasoline in the country is found in Kirkwood, California for $4.59. The cheapest gallon is pumped in Laredo, Texas for $2.41.

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 continued their downward trend for a third straight week this week, according to the AAA Texas gasoline price survey.

Regular grade prices averaged $2.74 per gallon at self-serve pumps in the 11 cities. That was a nickel less than last week and about 20 cents less than at this time last year.

The most expensive regular grade gasoline in Texas again was in Amarillo, where it fell a nickel to $2.88 per gallon. The cheapest again was in Corpus Christi, where it averaged $2.57 per gallon, down 6 cents from last week.

California: The average price of a gallon of self-serve regular gasoline fell below $3 in San Diego County this week for the first time since March 9, the Automobile Club of Southern California reported.

The average fell 6.2 cents over the past week to $2.98, 13 cents less than last month and 29 cents less than at this time last year, according to the Auto Club's Weekend Gas Watch survey of gas stations.

The average price has dropped 12 times in the past 13 weeks, including a 4.9-cent decline from July 27 through August 3.

The most recent time the average price was under $3 was March 9, when it was $2.95. The average price then rose steadily, hitting a record of $3.50 May 8.

The average price of self-serve regular gasoline in the Inland Empire is $2.93, 5.9 cents below last week, 15 cents under last month, and 32.5 cents cheaper than last year.

In the Los Angeles-Long Beach area, gas averaged $2.95, which is 7 cents cheaper than last week, 15 cents below last month, and 28 cents under last year.

“Gas prices fell about a penny a day in most areas during the past week, and that brought the average price in most regions to under $3 per gallon,” said Auto Club spokeswoman Carol Thorp. “This means that prices have dropped in 10 of the past 11 weeks.”

Florida: At $2.64 a gallon, gas prices are dropping fast in Florida.

AAA spokesman Stuart Hodes said it's all about supply and demand. "As we wind down that summer travel season, there's less demand on gasoline prices," Hodes said.

Experts predict gas prices will continue to fall through December, averaging about $2.64 nationwide, but drivers said gas prices need to go a lot lower than that to make them happy.

Oregon: The state average declined about 4 cents per gallon for regular to $2.86, 4.5 cents lower than a week ago.

"Motorists should be feeling much better when refueling, and we expect prices will dip further during the month of August. Consumers, however, must remember that crude oil is still selling at more than $70 per barrel, and that cost eventually will show up at the pumps," said Elliott Eki, AAA Oregon public affairs director.

"Refiners already are preparing to transition from summer grade to winter grade fuels which, typically, pushes retail prices lower. But, the high price of crude oil makes it difficult to predict how gasoline prices will be affected in September and the remainder of the year."

The Oregon statewide average price is the lowest it has been since late March, more than 55 cents lower than the record high set on May 18 and 13 cents lower than one year ago.

In the Medford and Ashland metropolitan area, the average price dropped 22 cents in the past month and currently is 69 cents lower than the record high average price set in mid-May.

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