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Gas Prices Keep Edging Lower

Motorists continue to benefit from lower demand

By Mark Huffman
ConsumerAffairs.com

September 18, 2009

The national average price of diesel fuel is $2.658 a gallon, down about one and a half cents in the last seven days.

The cheapest gas this week is found in Missouri, at a price of $2.255 a gallon. Next is South Carolina, where the average is $2.284.

The most expensive gas is in Alaska, where the average is $3.421 a gallon, defying the downward national trend by going up slightly in the last week.

Gas prices in California this week are also rising, up about three cents a gallon to $3.161. The most expensive California market for gas this week is San Francisco, at $3.248 a gallon. The most affordable market for gas is Yuba City, with an average price of $3.125.

The price of oil moderated a bit on world markets this week, and the U.S. dollar showed new strength after being beaten down in recent trading. Andrew Delmege, AAA's manager of regulatory affairs, said both have eased pressure on gasoline prices.

“While large oil supplies and the value of the US dollar are among many factors moderating market oil prices and keeping average gasoline prices hovering around $2.50, consumer demand for fuel also is playing a role,” Delmege said. “With the peak summer driving season over, the market now enters what has traditionally been a period of weak demand for gasoline. Seasonally soft demand for fuel helps temper prices at the pump.”

Whether that trend holds up, however, remains to be seen. The U.S. Energy Information Administration reported this week that U.S. crude oil stocks fell a whopping 4.7 million barrels in the week ending September 11. Government analysts said a drop in oil imports was the main contributor to the decline.

Even so, oil stocks remain at nearly 333 million barrels, 14 percent ahead of this time last year.

Gasoline supplies increased by 500,000 barrels, but that was less than predicted.

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