Fall in Gas Prices Continues Nationwide

ABCNews ^ | 10/26/03 | AP

[Tumbleweed_Connection]

CAMARILLO, Calif. (AP) - Retail gasoline prices have fallen 2 cents in the past two weeks, contributing to a price decrease of more than 16 cents since September 12, according to a national industry report Sunday. The Lundberg Survey of gas prices for the two weeks ending Oct. 24 found the weighted average retail gasoline price for all grades fell to $1.59, down from 1.61 in Lundberg's Oct. 10 survey.

The drop reflects a continuing decrease since prices peaked in August due to supply problems, and a falloff in crude oil prices in the past two weeks.

In August, during the peak driving season, the East Coast blackouts took several refineries out of commission and a West Coast pipeline was shut to avoid environmental damage.

Two weeks ago crude oil had reached $32 per barrel on the New York Mercantile Exchange, but has since returned to about $30 per barrel.

OPEC has announced plans to cut production of crude oil by 900,000 barrels per day, which could boost demand and prices for home heating oil, especially if the winter is colder than usual. Crude prices are an important element in gasoline prices.

As of Friday, self-serve regular gasoline showed an average weighted price of $1.56 a gallon, with midgrade at $1.66 and premium at $1.75. All the prices include taxes.

[Mark]

Shouldn't there be an investigation into the obvious "conspiracy" to lower gasoline prices?

[HiJinx]

Or an investigation into why we're still paying $1.699/gal. Unleaded Regular here in Cochise County, AZ.

[smoothsailing]

Our Giant Eagle grocer here in Washington gives us a coupon for 10 cents off a gallon (30 gallon limit) for every 50 bucks we spend in store.

We can save them up or give them away.

I filled my tank yesterday for 85 cents a gallon. The pump price was $1.45 per.

I love capitalism and free enterprise.

Oh yeah, and cheap gas.

[lilylangtree]

Why are they still high? $1.59 is still a high price considering it's been that way for at least two weeks. Remember it climbed much faster and higher but the fall seems to be taking all winter. Price of gas should be about $.99 or lower not this ungodly price of a $1.59. Oh, but as long as articles like this pop up reminding consumers how lucky they are for such CHEAP gas there never will be an investigation by the feds. (SARC)

[MissL]

I live in Kansas City , Missouri....just a few blocks away in Kansas, gas is 1.59 compared to our 1.54 to 1.56. It is actually up about 11 cents from 2 weeks ago.
Guess they got the memo that they can take us for a bit more through the winter. They are also warning us that heating prices may increase sharply....whatever that means.

[smoothsailing]

Where's Jimmy Carter when we need him?

"ungodly", LOL....

[RickGee]

I demand a special prosecutor. Obviously Bush has allowed his buddies to lower the price of gas so that my state will get less in sales taxes!
As Dasshole would say, "This is wrong>!

[Rodney King]

All the companies are changing prices at the same time? They must be colluding.

[Jorge]

Shouldn't there be an investigation into the obvious "conspiracy" to lower gasoline prices?

Yes. Clearly Bush and his big oil buddies are up to something.

[Tennessean4Bush]

This cannot be true. Because we all know everything is awful and its George Bush's fault.

[YankeeReb]

I don't see it, gas is still around $1.65 here in CT. Ever notice that when gas prices drop .02 cents in a month it's a "significant drop", but when they rise .10 in a week (as in August) it's a "temporary spike"

[AGreatPer]

I paid $1.46 here at Sams Club in Hershey before heading to the DC Ralley Saturday morning.

[Fledermaus]

Of course! When prices go up it's "evil capitalists gouging for profit" and when they go down it's "evil capitalists running loss leaders to force out competition"!

I say we nationalize the oil companies! </ sarcasm>

[Rodney King]

I don't see it, gas is still around $1.65 here in CT. Ever notice that when gas prices drop .02 cents in a month it's a "significant drop", but when they rise .10 in a week (as in August) it's a "temporary spike"

I used to live in CT. For starters, CT has one of the highest gas taxes in the nation. CT also has this regional supply pricing system where every station pays the same wholsale price. The idea was to protect the little guys from the chains, but those days are long gone. What it means now of course is that there is no price competition at the wholesale level.

[MissL]

There are better prices outside the "metropolitan" area and Sam's as well as Costco have good prices but they are not everywhere and available to everyone. I just find it odd that there was no reason for the prices to take a jump back up and they did overnight...we are being taken advantage of, no doubt.

[pointsal]

heck.......I'd be almost happy at ?$1.69.............