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Gas Prices Continue Downward Trend

Ike price spike has ended, but bad signs remain

By Mark Huffman
ConsumerAffairs.com

September 24, 2008

• OPEC Unable to Stop Gas Prices' Slide • Give Thanks for Falling Gas Prices • Gas Prices Fall Below $2 a Gallon • 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 ...

Gasoline prices dipped slightly for a seventh consecutive day Wednesday, according to the American Automobile Association (AAA). The motor club's daily tracking survey is based on credit card data gathered from stations nationwide.

The average price of a gallon of regular unleaded gas is now $3.715, down just over a penny from $3.726 recorded the previous day.

Prices have renewed their downward trend after spiking rapidly in the wake of Hurricane Ike, which ravaged the Texas Gulf Coast without causing damage to oil rigs and refineries. However, both were shut down as the storm approached and required several days to restart.

According to the AAA survey, gas prices are still slightly higher than they were before the storm. A month ago, the average nationwide price of a gallon of unleaded gas was $3.681. A year ago, the price was $2.811.

While the seven-day decline comes as welcome news to motorists, it might not last much longer. Gas prices had been falling because of the rapid decline in oil prices, which fell well below $100 a barrel earlier this month.

However, the trend in oil prices is sharply higher again, but not because of supply issues. Traders have bid up oil prices in recent days as they have looked for a safe haven in commodities and hard assets.

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