Operations

Gas Prices Continue Dropping

Posted on November 5, 2008 by LCT Staff - Also by this author - About the author

NEW YORK CITY – Gasoline prices continued their steep descent Wednesday, dropping another 2.6 cents a gallon in a daily survey.

A gallon of regular unleaded gas fell to $2.365 from $2.391 Tuesday, according to motorist group AAA's Fuel Gauge Report. It was the 49th straight drop in gas prices, which have fallen 42.5% from the record high of $4.114 set July 17.

The price is nearly 22% lower than the $3.024 a gallon average of a year ago and about 33% below the $3.504 level of a month earlier.

The last time gas prices fell this low was February 26, 2007, at $2.3512 per gallon.

Even with falling prices, demand for gas continues to drop. Americans are driving 5.6% fewer miles than last year, according to a recent U.S. Department of Energy report.

Alaska reported the highest current-state-average gas price, at $3.489 per gallon, with Missouri posting the lowest current-state-average price, at $2.038 per gallon.

Only two states, Alaska and Hawaii, have an average price above $3 per gallon, while 35 states report gas prices below $2.50 per gallon.

Retail gas prices have benefited from lower oil prices. The price of crude has dropped by more than half since it peaked near $150 a barrel in mid July.

The AAA figures are state-wide averages based on credit card swipes at up to 100,000 service stations across the nation. Many drivers have reported even lower prices across the country.

Source: CNN Money

View comments or post a comment on this story. (0 Comments)

More News

Uber Extends Sexual Harassment Probe

The TNC faces more pressure over the results of its review, particularly after the scandal that ousted Fox News' Bill O'Reilly. 

 

Only 4% Of Uber Drivers Stay A Year Or More

Retention is an even worse problem for the TNC than for the taxi and limo industries.

New Jersey Operators Are Perfect Mix Of Old And New

eNews Exclusive: The co-owners of First Choice Limousine play to their strengths to create a blend of traditional customer service with an understanding of the Millennial mentality.

Pot Party Bus Operator's Revenues Surge 66% In Past Year

Colorado Cannabis Tours takes around 200 people each weekend in the marijuana "Napa Valley" of the U.S.

Uber Officially Lost $2.8 Billion In 2016

In the fourth quarter, the TNC both increased its bookings and upped its losses, according to a recent report.

See More News

Facebook Comments ()

Comments (0)

Post a Comment

Submit

Blog

See More

LCT Store

LCT Magazine - April 2017 $12.95 F&I / SPECIAL EVENTS ISSUE COVER STORY: * Don't Panic: Confronting Worst Fears - Fleet Risks * *



Connect

Experience the three annual industry events for networking for business, showcasing vehicles and products, and getting the tools for success.

Read About Your Region

What’s Happening Near You?
Click on any state to see the latest industry news and events in that region.

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Metro Magazine

Serving the bus and passenger rail industries for more than a century

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

Please sign in or register to .    Close