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Nationwide Average Gas Price Just Under $3

Unleaded regular was $2.29 last year at this time

By Joe Benton
ConsumerAffairs.com

December 14, 2007

• 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 ...

Average gasoline prices throughout the country have declined for the second straight week following almost two months of increases.

The average price of regular unleaded is down 3 cents this week at $2.99 a gallon. Midgrade sells for $3.18 a gallon, down 3 cents. Premium is down 4 cents at $3.29, according to AAA, of Heathrow, Florida.

One month ago regular gasoline sold for $3.11 a gallon and one year ago regular sold for $2.29 a gallon.

Diesel fuel spiked 17 cents during the week and now sells for $3.42 a gallon, just 8 cents below the November 29 record price of nearly $3.50 a gallon.

E85 ethanol prices dropped 5 cents to $2.36 a gallon. The adjusted price of E85 is $3.11 a gallon, down 6 cents. E85 prices are adjusted to reflect the fuel’s lower energy content when compared to gasoline.

Despite the one-week decline, high gasoline prices helped push consumer inflation up the largest amount in more than two years in November.

The Labor Department reported that the Consumer Price Index rose 0.8 percent last month, the biggest one-month increase since a 1.2 percent jump in September 2005, when the country was hit by rising energy costs following Hurricane Katrina.

The jump in energy costs could leave consumers with less money to spend on other items, worsening the slowdown in economic growth.

Energy costs were up 5.7 percent in November, with gasoline prices rising by 9.3 percent, the largest increase since May.

Drivers in Needles, California are paying the highest prices in the country, with regular gasoline costing $3.89 a gallon.

The least expensive gallon of regular is found in Beaverdam, Ohio for $2.59 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 dropped for the third week in a row in Southern California, although they are still 75 to 80 cents higher than this time last year, 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 $3.29, which is 5 cents lower than last week, 5 cents under last month, and 80 cents more than last year.

In San Diego, the price is $3.31, which is 5 cents less than last week's price, 6 cents down from last month, and 75 cents higher than last year.

On the Central Coast, the average price is $3.39, down 1.8 cents from last week, 6 cents below last month, and 67 cents more than last year.

In the Inland Empire, the average price is $3.27, 4.5 cents under last week, 7 cents below last month, and 76 cents higher than last year.

"We are now in the time of year where gas prices are traditionally at their cheapest levels because of lower nationwide demand and lower refinery production costs, so it's not surprising that prices are declining," said Auto Club spokesperson Carol Thorp. "Unfortunately, high oil prices and market speculation created a three-month gas price spike this fall, so there's still a long way to go to get to the levels we saw in September."

The highest average price is the state is found in San Francisco at $3.50, down two cents in a week.

The lowest average price is found in Redding at $3.22, which is 6.3 cents less than it was in that city a week ago.

Texas: Gasoline prices across Texas declined for the second straight week, but are still up as much as 70 cents per gallon from one year ago.

AAA Texas reported that the retail statewide average for regular, self-serve slipped by a nickel, to settle at $2.85.

AAA Texas spokeswoman Rose Rougeau said gas prices have dropped as crude oil prices backed down from record high levels.

The lowest average Texas gas price this week was Fort Worth, at $2.81 per gallon. Austin-San Marcos was the highest, at $2.92.

Pennsylvania: Gasoline pump prices are gently falling in the state.

The average for a gallon of regular gasoline is $3.08 in southeastern Pennsylvania, and $2.85 in South Jersey, according to AAA Mid-Atlantic.

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