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Average Gas Price Down to Nearly $3 a Gallon

Price of oil drops to below $70 a barrel, leading to OPEC panic

By Mark Huffman
ConsumerAffairs.com

October 17, 2008

• Feds Consider Gas Tax Hike Even With Low Prices • Oil Rises But Gas Keeps Sinking • Cheap Gas Prices Provide Holiday Cheer • Falling Gas Prices Finally Level Off • Gas Prices Fall Nearly 12 Cents in a Week • Gas Prices at 2005 Levels • 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 ...

Oil prices continue their dramatic decline and are dragging fuel prices down with them. Consumers hitting the road this weekend will find average gas prices near the $3 a gallon level.

The average price of a gallon of unleaded regular is $3.040 nationwide, according to AAA. That's down more than 30 cents a gallon since last Friday and is more than 80 cents lower than a month ago.

Motorists driving through Oklahoma, Kansas and Missouri will find the lowest gas prices. According to AAA, the average price of unleaded regular is $2.624 in Oklahoma, $2.682 in Kansas, and $2.688 in Missouri.

This week 23 states - Arkansas, Delaware, Iowa, Indiana, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, Missouri, Mississippi, North Dakota, Nebraska, New Jersey, Ohio, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Virginia and Washington - all have average gas prices below the $3 a gallon level.

Alaska and Hawaii continue to have the highest prices in the nation. In Alaska, the average price is $3.965 while Hawaii is second highest with $3.896.

Driving in California this weekend will be less expensive than last weekend as well. The average price of unleaded regular is $3.391. In New York, it's $3.290.

Tumbling oil prices have put increasing pressure on gasoline prices, and the price of crude continued to fall today. In fact, the price of oil fell through the $70 a barrel level for the first time in more than a year as oil traders, who had forced prices as high as $147 a barrel in mid July on fears of a shortage, are now worried about a global recession and falling demand.

While the collapse of oil prices come as welcome relief to U.S. motorists, it has thrown the Organization of Petroleum Exporting Countries into a panic. OPEC ministers have scheduled an emergency meeting for next Friday to discuss what to do about falling prices.

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