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Gas Prices Dip Down Just in Time for Holiday Travel

LCT Staff
Posted on August 29, 2007

WASHINGTON — The national price for regular gasoline is down nearly 10 cents from a year ago, according to the federal Energy Information Administration (EIA). The average pump price is at the lowest level since April, the EIA said.

Gasoline costs typically are steady and sometimes rise during the three-day Labor Day holiday weekend, when fuel demand picks up as many Americans squeeze in one more vacation trip for the summer.

Also likely to affect pump prices this week are recent refinery problems and traders' concerns about supplies, which have sent crude oil and gasoline futures prices higher on the New York Mercantile Exchange.

Oil rose 88 cents to settle at $71.97 a barrel Monday at NYMEX, while gasoline jumped 5.8 cents to almost $2.04 a gallon.

In the EIA's new weekly price survey, retail gasoline was the most expensive in the Midwest, down 3.1 cents to an average $2.84 a gallon. Among major cities, Chicago had the highest gasoline costs at $3.03, down 4.4 cents.

The Gulf Coast states had the lowest price by region at $2.65 a gallon, down 2.9 cents. Houston again had the cheapest pump price at $2.57 a gallon, down 3.4 cents.

The EIA also reported gasoline prices were down 7.1 cents to $2.89 in San Francisco, down 2.6 cents to $2.82 in Miami, down 3.1 cents to $2.79 in Denver, down 1.2 cents to $2.75 in Seattle, down 5.9 cents to $2.72 in New York City, and down 5.7 cents to $2.65 in Boston.

Source: USA Today

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