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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

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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