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Gas Prices Dropping after OPEC Pledge

By Joe Benton
ConsumerAffairs.com

July 25, 2007

• Gas Prices Fall for 37 Days • Gas Prices Slide 8 Percent from Record • Gas Prices Creep Down • Oil Price Trend May Be Good News For Consumers • Gasoline Drops Below $3.90 a Gallon • Gas Prices Pull Back Slowly • Oil Prices Fall As Storm Misses Rigs • Latest Gas Price Round-Up • 'Run Your Car On Water' Scheme Could Leave Consumers All Wet • Unregulated Energy Trading Blamed for Much of Gas Price Gusher • Airlines Join Effort To Limit Oil Speculators • Questions Raised about MyGallons.com • 'Hypermiling' Is Dangerous, Says AAA • Struggling Drivers Blame Washington for High Gas Prices • What’s Really Fueling Those Sky-High Oil Prices • Credit Card Fees at the Pump are a 'Hidden Tax' on Consumers • Survey: 3 Out of 4 Angry About High Gas Prices • $2 A Gallon Gas Possible, Analysts Tell Congress • Speculators Buy More Oil Contracts Than Oil Companies • Saudis to Pump More Oil • Limiting Oil Speculators Gains Ground • Congress To Probe Oil Price Spike • Oil Market 'Saturated,' Iran Claims • Feds See No Relief from High Gas Prices • High Gas Prices Could Mean Lower Insurance Rates • High Gas Prices Good For Kia, Honda • Gas Prices Rip Past $4 and Keep Climbing • Administration, OPEC See Different Causes Of Oil Surge • Feds Probing Possible Oil Market Manipulation • Beware of Fuel Sippers Sipping High-Test • Retailers Respond to High Gas Prices with Discounts, Promotions • Rushing Into a Smaller Car Too Soon May Not Save Money • Hybrid Sales and Prices Climb in Lockstep with Gas Prices • Truckers Bemoan Burden of High Diesel Costs • Gas Prices Biting into Worker Productivity • Consumers Warned About Gas-Saving Schemes • Is Tony Soprano Controlling Gas Prices? • Oil & Gas: The New Bubble • Critics: New Federal Gas Mileage Standard Falls Short • Consumers Feeling Pain of Skyrocketing Gas Prices • New Gas Price Record Forecasts Expensive Summer Driving Season --- • More ...

Gasoline prices are dropping following the OPEC assurance that the cartel will produce more oil if necessary.

Across the country, drivers are paying an average of $2.95 a gallon for regular unleaded gasoline, down 5 cents from Friday, July 20, according to AAA, of Heathrow, Florida.

Analysts expect the average price to fall appreciably in the next few days following wholesale numbers that have declined by 20 to 69 cents a gallon over the last two weeks.

One month ago regular self-serve gasoline sold for $2.97 a gallon and one year ago a gallon sold for $2.99.

The average price of midgrade unleaded gasoline is now $3.12. The price of premium unleaded gasoline slipped to $3.24 a gallon, down 7 cents from four days ago.

Highest average prices are still on the West Coast at $3.05 and the Rocky Mountain states at $3.04. They are the only regions with average gasoline prices higher than $3 a gallon.

Despite the big price drop in the Midwest, some states there still had among the most-expensive gasoline in the country, according to AAA's daily tally. Refinery problems are blamed.

The statewide average in Illinois at $3.20 is highest on the mainland and second only to Hawaii's $3.28, according to AAA. Midwest states Iowa, Kansas, Michigan, Minnesota, Nebraska and Wisconsin all averaged more than $3, according to AAA.

At $4.16 a gallon, drivers in Beaver Island, Michigan, are paying the highest gasoline price in the country. Drivers in Urban, Ohio are seeing the lowest, at $2.43 a gallon.

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