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Gas Price Dip Picks Up Speed

New concern about economy depresses oil prices

By Mark Huffman
ConsumerAffairs.com

October 2, 2009

Today's average price of self-serve regular is $2.465 a gallon, down six cents in the last seven days, according to AAA. That's the sharpest one week decline in several months.

The national average price of diesel fuel is $2.62s a gallon, down three cents from a week ago.

Andrew Delmege, AAA's manager of regulatory affairs, says motorists can thank pessimistic oil traders for the recent drop in gas prices.

"Globally and domestically, the markets are being pressured by a protracted trend of less-than stellar economic news, which suggests continued lagging demand for oil and gasoline," Delmege said. "While the significant draw down in oil reserves announced two weeks ago seemed to indicate improving demand for oil, the markets received a reality check late last week."

The highest statewide average gasoline price is in Alaska, at $3.378 a gallon. Hawaii and California are the only other states where the average price is above $3 a gallon. Hawaii's average price is $3.289 a gallon and California's average is $3.087 a gallon.

In California, the San Francisco metro has the highest average price, at $3.205 a gallon. The cheapest gas in California can be found in the Chico-Paradise metro, where the average has dropped below $3, to $2.98.

Nationwide, the cheapest gas can be found today in Missouri, where the average prices is $2.175 a gallon.

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