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Gas Prices Slide 8 Percent from Record

Summer driving down as well

By Joe Benton
ConsumerAffairs.com

August 15, 2008

The price of a gallon of regular self-serve gasoline has dropped 34 cents since the record high of $4.114 set July 17. Regular gasoline now sells for a national average of $3.771. Mid-grade sells for $3.932 and premium sells for $4.052 a gallon.

Diesel has fallen 39 cents in the last month after reaching a record price of $4.839 July 17, according to the AAA Fuel Gauge Report.

Gas prices have declined more than 8 percent from the record price set in July. Nevertheless, retail gasoline prices are more than a dollar higher than one year ago when a gallon of regular averaged $2.762.

Battling a summer of record gasoline prices, consumers are driving less. The Federal Highway Administration reported U.S. motorists drove 250.2 billion miles in June, a decline of 12.2 billion miles, almost 5 percent less when compared with the same month a year earlier.

The decline marked 8 consecutive months when people drove less. The drop in miles driven June was the largest decline ever for June.

Drivers in Alaska, the state with the highest gasloline prices, saw gas prices fall to $4.608 a gallon.

In the lower 48 states, drivers in Utah pay the most for gas with a state average of $4.064 a gallon. Missouri enjoys the cheapest gas in the country with prices falling to $3.525. Oklahoma prices were the second lowest at $3.555 a gallon.

Gas price roundup

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

California: The average price of a gallon of self-serve regular gasoline fell for the eighth consecutive week, dropping 10 cents in just the last week.

Regular gasoline now sells for an average price of $4.073 a gallon throughout California, almost 54 cents less than the record price set in the state June 19.

"Despite international turmoil over Russia's incursion into Georgia, oil prices remain on a downward turn," says Jeffrey Spring, a spokesman for the Automobile Club of Southern California.

"Californians drove 1.1 billion fewer miles in May 2008 compared to May 2007 or about a 3.7 percent decline," according to Spring. "Still, we are paying over a dollar per gallon more than we were paying at this time last year," he said.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $4.071 per gallon, which is 10.8 cents less than last week. In San Diego, the price is $4.023, which is 10.9 cents under last week's price.

California's highest average prices are found in in San Francisco at $4.245, which is 9.4 cents less than last week. The cheapest gasoline in California is found in Stockton at $3.965 a gallon.

Texas: Gasoline prices dropped by 10 cents a gallon in Texas this week.

Prices have gone down for 28 consecutive days but are still $1 a gallon higher than they were a year ago, according to AAA Texas.

Texas drivers are paying 14 cents less than the national average. The statewide average is $3.626 a gallon.

"The price of crude oil has fallen some $30 a barrel in less than a month. That drop is now translating into big cuts at your local gas station," said AAA Texas' corporate communications manager, Dan Ronan.

According to the U.S. Department of Transportation, the number of miles driven in June in Texas fell by 4.2 percent.

Florida: Gasoline prices in the state have dropped almost 32 cents since the record of $4.070 set July 16.

Regular self-serve now sells for an average of $3.765 across the state.

The recent drop in price is partly because of a strengthening dollar, said Gregg Laskoski, spokesman for AAA. "Crude oil prices have come down dramatically since the peak price hit on July 17," he said.

Regular self serve gasoline sells for an average price of $3.843 in Miami, $3.769 a gallon in Daytona Beach and $3.734 a gallon in Orlando.

"Looking at the next few weeks, some analysts have said we could see the national average go down to $3.50 a gallon by Labor Day," Laskoski said. "I think that's possible."

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