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Gas Prices Head Lower as Economy Slows

Nationwide average drops 30 cents a gallon in last month

By Mark Huffman
ConsumerAffairs.com

October 10, 2008

There's one silver lining to the current economic crunch--gasoline prices are falling, and fast.

The nationwide average price of a gallon of unleaded regular is $3.35, dropping five cents from Thursday, according to the AAA Fuel Gauge Report. The average price has fallen over 30 cents a gallon in the last month. The national average price a month ago was $3.668 a gallon.

The price of Diesel fuel, which has consistently outpaced unleaded gas, is also down sharply. According to the AAA report, the national average price of diesel fuel is $3.927 a gallon, down from $9.60 the day before. Diesel sold for $4.212 a gallon just a month ago.

According to the motor club, the average price of gas has dipped below $3 a gallon in three states, Missouri, Kansas and Oklahoma. The price is $2.971 in Oklahoma, $2.973 in Kansas, and $2.991 in Missouri.

Hawaii and Alaska are the only states where the average price is still above $4. It is $4.076 in Hawaii and $4.107 in Alaska.

The average price of gas in California is $3.527, down from $3.847 a month ago. In New York, the average is $3.507, down from $3.793 a month ago.

Doom and gloom about oil supply problems has quickly been replaced by worries about U.S. petroleum demand, and even OPEC has expressed alarm that the world oil price of oil has plunged in recent weeks.

Gasoline stocks rose by 7.2 million barrels last week but are still at a low outright number of 186.8 million barrels. But measured against demand that couldn't even hit 8.7 million barrels a day last week, that equates to some 21.5 days' supply. The Oil Price Information Service says inventories almost certainly are headed higher, but demand may not steer toward that same direction.

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