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Average Gas Price Down to Nearly $3 a Gallon

Price of oil drops to below $70 a barrel, leading to OPEC panic

By Mark Huffman
ConsumerAffairs.com

October 17, 2008

Oil prices continue their dramatic decline and are dragging fuel prices down with them. Consumers hitting the road this weekend will find average gas prices near the $3 a gallon level.

The average price of a gallon of unleaded regular is $3.040 nationwide, according to AAA. That's down more than 30 cents a gallon since last Friday and is more than 80 cents lower than a month ago.

Motorists driving through Oklahoma, Kansas and Missouri will find the lowest gas prices. According to AAA, the average price of unleaded regular is $2.624 in Oklahoma, $2.682 in Kansas, and $2.688 in Missouri.

This week 23 states - Arkansas, Delaware, Iowa, Indiana, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, Missouri, Mississippi, North Dakota, Nebraska, New Jersey, Ohio, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Virginia and Washington - all have average gas prices below the $3 a gallon level.

Alaska and Hawaii continue to have the highest prices in the nation. In Alaska, the average price is $3.965 while Hawaii is second highest with $3.896.

Driving in California this weekend will be less expensive than last weekend as well. The average price of unleaded regular is $3.391. In New York, it's $3.290.

Tumbling oil prices have put increasing pressure on gasoline prices, and the price of crude continued to fall today. In fact, the price of oil fell through the $70 a barrel level for the first time in more than a year as oil traders, who had forced prices as high as $147 a barrel in mid July on fears of a shortage, are now worried about a global recession and falling demand.

While the collapse of oil prices come as welcome relief to U.S. motorists, it has thrown the Organization of Petroleum Exporting Countries into a panic. OPEC ministers have scheduled an emergency meeting for next Friday to discuss what to do about falling prices.

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