Gasoline Prices Drop in Most Parts of the US

According to the Energy Department, gasoline prices dropped in most parts of the country, even in California, where the highest average gasoline price was set during the three-day holiday.

The weekly poll of service stations conducted by the Energy Department showed that the average per gallon gas price gas fell by 4.5 cents at $3.669. Last year, the average gasoline price was higher by 12.5 cents.

In the recent survey, Washington and Ohio were the only states showing increases of 4.3 cents and 3/10 of a penny, respectively. With the increases, the actual gasoline prices of both states were $4.299 and $3.658, respectively.

California’s average gasoline price fell by 2.4 cents to $4.312 per gallon. That is higher by 25.6 cents compared to last year. Until about a couple of weeks ago, California’s refinery outages were causing the state’s gasoline price increase even if most parts of the United States were seeing a decline in prices at the pump.

California drivers spent an average of $4.283 to $4.302 over the three-day weekend. That is the highest gas rate ever for the Memorial Day weekend, showed the daily fuel poll of the AAA.

In other energy reports, crude prices declined in the NYMEX due to concerns of traders regarding the economies of Europe. However, the contract in July managed to stay higher than $90 per barrel.

West Texas Intermediate (WTI) crude oil prices fell by 10 cents for a price of $90.76 per barrel in the NYMEX. Brent crude oil prices declined by 75 cents to end at $106.36 in London.

By: Chris Termeer