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Gas Prices Settle Still Lower for Weekend

Average drops to $2.50 a gallon for regular unleaded

October 31, 2008

Gasoline prices continued their downward slide this week, hitting a nationwide average of $2.504 a gallon for unleaded regular. That's down from $2.781 a week ago and down nearly 90 cents from just one month ago, when the nationwide average was $3.619.

In that one month the world has lurched toward a global recession and oil prices have plunged. Even emergency action by the Organization of Petroleum Exporting Countries earlier this month failed to stem the eroding price of crude.

In early Friday trading in Asia, U.S. light crude for December delivery fell $1.81 to $64.15 a barrel, adding to Thursday's $1.54 decline.

OPEC's misfortune has amounted to a much-needed break for U.S. consumers at the pump. On Friday, only two states -- Alaska and Hawaii -- had average pump prices above $3 a gallon for unleaded regular. Even long-suffering motorists in California are now paying an average of $2.924 a gallon, according to AAA.

The lowest prices continue to be found in the Mid-west. The average price has slipped to $2.14 a gallon in Oklahoma, $2.159 in Missouri, and $2.204 in Kansas.

The price of unleaded gasoline topped out at $4.114 on July 17, when the price of oil shot past $147 a barrel. It is now down $1.61, or 39 percent, since then.

The price of diesel fuel Friday averaged $3.316 nationwide. It peaked at $4.845 a gallon on July 17.

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