Christmas Present for Drivers - Gas Price Down 9 Cents in Last 3 Weeks
Posted December 9, 2007 4:37 p.m. EST
Updated December 9, 2007 6:37 p.m. EST
CAMARILLO, Calif. — Those gas prices dipping below $3 at stations around the Triangle are no illusion. Prices are coming down just in time for the holidays.
The national average price for gasoline went down about 9 cents over the last three weeks, according to a survey released Sunday.
The average price of regular gasoline on Friday was $3 a gallon, mid-grade was $3.12, and premium was $3.24, oil industry analyst Trilby Lundberg said.
The nation's lowest price was in Tulsa, Oklahoma, where a gallon of regular cost $2.74 on average. The highest was in San Francisco at $3.42, according to the Lundberg Survey of 7,000 stations nationwide.
Gasoline price increases have been arrested by falling crude oil prices," survey editor Trilby Lundberg told Reuters.
"On Dec. 7, the day we surveyed at the pumps, benchmark West Texas Intermediate closed at $88.28 a barrel. It had reached as high as $98.18 on Nov. 23."
Lundberg said that higher gasoline prices halted growth in gasoline demand, Reuters added.
"And there is no shortage of either crude oil or gasoline," Lundberg explained to Reuters. "OPEC's 'no change' stance at its latest meeting had very little effect."