Wednesday, January 17, 2007

Retail Gas Price Follows Oil Costs Lower, AAA Reports

BURNSVILLE, Minn.--(BUSINESS WIRE)--A rapid drop in the cost of oil from above $60 per barrel to near $51 per barrel in the last two weeks has begun to push the cost of gasoline lower at the pump, according to AAA’s daily, on-line Fuel Gauge Report (

Gail Weinholzer, director of public affairs, AAA Minnesota/Iowa said today the national average price of self-serve regular gasoline has dropped about 5 cents in the last week to $2.229 per gallon, and prospects look good for even lower prices in the weeks ahead.

The key to lower prices will be an oil price that remains near its present level or moves even lowers in the days and weeks ahead, Weinholzer said. Oil and gasoline inventories have been growing for months, and attempts by oil producing countries to scale back production in an effort keep prices up do not appear to be working.

One year ago the price of self-serve regular gasoline was higher than today at $2.321 per gallon, Weinholzer said.

AAA’s fuel price survey shows Hawaii has the highest average gas price in the nation at $2.919 per gallon. Washington state and Oregon have the next highest average prices; at $2.645 and $2.634 per gallon, respectively.

Missouri has the lowest state-wide average gasoline price in the nation at $2.014 per gallon. Oklahoma has the next lowest price at $2.016 per gallon, followed by Minnesota with an average gas price of $2.017 per gallon.

Nationwide, the price of self-serve, mid-grade gasoline averages $2.367 per gallon, a decline from $2.438 per gallon in the middle of last month, and down from $2.464 one year ago. Self-serve premium averages $2.452 per gallon nationwide; down from $2.526 one month ago. Premium averaged $2.553 per gallon at this time last year.

The national average prices for self-serve regular unleaded gasoline for AAA's mid-January survey for the last five years are: 2006, $2.321; 2005, $1.812; 2004, $1.561; 2003, $1.468; and 2002, $1.128.

AAA's Fuel Gauge Report is based on data from Oil Price Information Service, the nation's most comprehensive source of petroleum pricing information. AAA purchases the data and makes it available free on the Internet as a public service. Average daily prices for the nation, all 50 states and more than 250 localities are available for all grades of gasoline, making the site the most current and complete public source of fuel price information.

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