Posted on 08/25/2008 4:58:25 AM PDT by thackney
Gasoline prices fell Sunday, bringing down the nationwide average in a motorist group survey by more than 42 cents overall from a mid-July high.
The price of regular unleaded gasoline at the pump fell four-tenths of a cent to $3.688 a gallon, according to the Daily Fuel Gauge Report from motorist advocacy group AAA and the Oil Price Information Service. The average is based on credit card swipes at 100,000 service stations.
Prices have fallen 10.4% since hitting a record high of $4.114 a gallon on July 17.
The dip comes after U.S. crude for October delivery saw the largest drop in 17 years, closing down $6.59 to settle at $114.59 a barrel on the New York Mercantile Exchange.
Gas prices remain about 99 cents, or 33.7%, higher than a year ago.
State prices: Gasoline exceeded $4 a gallon in two states, Hawaii and Alaska, according to the survey. Alaska had the highest prices at $4.536 a gallon, down a penny from the previous day. Hawaii prices averaged $4.410, followed by Utah at $3.970, Idaho at $3.961 and California at $3.960.
Missouri had the cheapest gas, with prices falling to $3.443 a gallon. Prices in South Carolina were the second lowest at $3.457, followed by Tennessee at $3.484.
Ethanol: The price of E85, an 85% blend of corn-derived ethanol available to some vehicles, rose to $3.020 a gallon on average from $3.014, AAA reported. Ethanol burns cleaner than gasoline but has a lower energy content and burns less efficiently in flex fuel vehicles.
Diesel: The average price for diesel fuel, which is used in most trucks and commercial vehicles, fell by a penny to $4.305 a gallon from $4.311 the day before, according to AAA. The price of diesel has risen 47% over the past 12 months.
(Excerpt) Read more at money.cnn.com ...
“Ethanol: The price of E85, an 85% blend of corn-derived ethanol available to some vehicles, rose to $3.020 a gallon on average from $3.014, AAA reported. Ethanol burns cleaner than gasoline but has a lower energy content and burns less efficiently in flex fuel vehicles.”
Just get rid of the EPA.
Proving once again there was absolutely no reason other than greed for prices to skyrocket to over $4.
$3.29 yesterday in central Missouri.
Welcome to Free Republic.
I passed a station in Houston at $3.219 this morning. Lowest I have seen for a while.
Well, socialists describe profits as greed, capitalists describe profits as motivation. So, which camp are you in? Btw, just to save us both a couple of back-and-forths, when you come back with you are for profits but just not excessive profits, while you are at it please go ahead and quantify what you consider as excessive profits...
I’m sure the slowing demand growth and increasing supply were factors.
Proving nothing of the kind. Oil prices have dropped for one reason and one reason only. That reason is because Bush lifted the executive order banning offshore drilling and the Republican house is pushing for dill here and drill now and they have the backing of about 75 percent of Americans.
Because of this the Saudis have suddenly started producing more oil, oil they said they didn't have, and pumped it into the world market. This is bringing the price down. The Saudis are scared of the US drilling their own oil and vastly reducing not only the price of oil but our dependence on Opec and other foreign sources for our energy.
Profits make a country run, period.
Countries that have few, or no, companies making profits have economies like Cuba.
This proves once again the need for legislation to reign in the speculators. The evil money grabbers are costing jobs in the oil sector. Women and minorities hit the hardest.
$4.05 in the Shitcago-land area as of this morning.
Surprise surprise—highest gas taxes in the country, highest gas prices in the country. It’s even worse that I went to high school in next-door Missouri, with the lowest gas prices in the country.
And of course, even though those taxes are oh-so-necessary for “road improvements”, everywhere I drive here it pitted and broken to hell, whereas the MO roads were for the most part nice and smooth.
But it’s the evil “speculators”, not gov’t interference that’s the problem...
Yet, just as here in the People’s Republic of New York, the Chicago and Illinois voters will continue reelecting the same people responsible for those fiascoes so they can do more damage.
Sorry, far from the highest gasoline prices in the country.
Alaska has some places over $6 a gallon.
http://www.chicagogasprices.com/
http://www.alaskagasprices.com/
“Because of this the Saudis have suddenly started producing more oil, oil they said they didn’t have, and pumped it into the world market.”
Saudi oil production is at the highest rate in 27 years, funny that.
$4.00 a gallon.
...and I got a 500 fgal tank. That is one bill I am not looking forward to.
I’ve seen US$3.71/US gallon for 87 octane unleaded in Sacramento, CA already and it’s dropping even further soon. Don’t be surprised by November 2008 the price could be down another 70¢!
Yeah, they can do that in Houston. According to the news last evening, Houston is the worst offender in the state at rigging gas pumps to the dealer's advantage. You only get about 9/10 of a gal for that price at most Valero stations in town!
How is Missouri so blessed? Their state gas tax is 3cpg less than Texas, but the two states' average gas prices are much more than 3c apart.
We’re sitting @ $3.95/gal in NW Indiana. You’re not the only one getting the shaft.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.