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Gas Prices Drop, Along With Oil

National average for unleaded drops to $3.12 a gallon

By Mark Huffman
ConsumerAffairs.com

October 15, 2008

• 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 ...

The price of oil has dropped to levels unthinkable back in July, when consumers were feeling rage at the gas pump.

Then, the price of a barrel of crude topped out at a record $147 a barrel, sending gasoline prices to record levels. But within 90 days sentiment has dramatically shifted, and the price has now fallen through the $80 a barrel level.

Crude oil for November delivery fell to $77.85 on the New York Mercantile Exchange. As a result, U.S. gasoline prices have been following oil prices lower.

The national average price of unleaded gas has dropped to $3.125 a gallon, down from its high of $4.11 reached on July 17, according to AAA. Those prices are down sharply in recent days, gas still costs more than it did a year ago. One year ago, the national average price of unleaded fuel was $2.759 a gallon.

The average price of gas is above $4 a gallon in only one state, Alaska, where the price is $4.066. The price in Hawaii has dipped below the $4 mark, to $3.933.

The average price is now below $3 a gallon in a number of states. The lowest average price is in Oklahoma, where a gallon of unleaded sells for an average $2.692.

The average price has also come down in California, at $3.442. The average price in New York is $3.367.

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