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Gasoline Prices Down 19 Cents in a Week

National average down to $2.31

November 7, 2008

U.S. motorists will continue to find lower gasoline prices this weekend, as the nationwide price of a gallon of unleaded gas fell to an average of $2.314 Friday. That's down from $2.504 seven days ago.

Motorists in many Mid-western states will find prices fell below the national average. In fact, the average price of unleaded regular has fallen below $2 a gallon in Missouri, hitting $1.99. It's only slightly more expensive in Oklahoma, at 2.023 a gallon, and in Kansas, at $2.078.

Once again, only Alaska and Hawaii are the only states to have average gas prices over $3 a gallon this week. Alaska's average is $3.391 and Hawaii's is $3.265. But even those prices are below the nationwide average of just 30 days ago, when motorists nationwide were paying $3.447 to fill their tanks.

The statewide average price in California is $2.641, with the lowest average price in the Stockton area, at $2.346 a gallon. Motorists in the San Francisco are paying the most, an average of $2.806 a gallon.

Motorists in New York are paying an average of $2.698 statewide, with the highest average price in Buffalo-Niagara Falls area, at $2.857. The lowest average statewide is $2.503, found in the Syracuse area.

Experts say they expect gas prices' downward trend to continue as the price of oil continues to fall. After an election day spike up to $70, crude oil prices are nearing $60 a barrel. Crude prices are now down nearly 60 percent since peaking at $147.27 a barrel in mid-July.

Helping to put downward pressure on gasoline prices was a report earlier this week from the U.S. Energy Information Administration. In the previous week, gasoline supplies were up by 1.1 million barrels at 196.1 million barrels, according to the report.

Analysts see a continued decline in gasoline prices, perhaps through the end of the year. Industry analyst Trilby Lundberg, publisher of the Lundberg Letter, says falling oil prices, coupled with a falling demand for gasoline, caused by a dramatically weaker economy, are the main reasons fuel prices are falling instead of rising.

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