Gas Prices Down First Time in Seven Weeks
What will happen next?
By HOLLY LAFON
Updated 12:15 PM CST, Fri, Jun 26, 2009
As an unexpected twist in the saga of gas prices, they have abated this week, if only marginally.
National gas prices had been escalating for about seven straight weeks, according to a AAA survey, making this the first indication of a leveling out.
Texas is in the lowest price bracket, with retail prices ranging from $2.537 to $2.456. California and other parts of the Northwest and East are paying much more, into the $3.095 to $2.717 range.
One could attempt to spin the news positively by noting that the average precisely one year ago stood at $4.067.
Crude prices shot up recently due to Nigerian militant attacks on oil installations in Nigeria, Africa's largest crude producer. The fall in prices is likely attributed to the U.S. savings rate climbing to the highest level in 15 years yesterday, which investors believe will weaken demand.
Prices tend to go up in the summer because gas stations begin selling so-called “summer blend” gasoline to combat smog in the national big cities, and they tend to just arbitrarily raise prices during the vacation season, according to AAA.
So, rush out and get your bargain gas, which now stands at an average $2.658 over yesterday’s average of $2.667.
Holly LaFon has written and worked for various local publications including D Magazine and Examiner.
Copyright NBC Local Media
First Published: Jun 26, 2009 11:32 AM CST
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