GASOLINE PRICES

Pump prices keep sliding

Gasoline prices continued to fall today as OPEC assured the market it will pump more oil if needed.

Drivers nationally paid an average of $2.96 a gallon for regular unleaded gasoline today, down 4 cents from Friday, July 20, according to AAA, of Heathrow, Fla. After weeks of declining from an all-time high in late May, the price had jumped back above $3 a gallon in recent weeks because of Midwestern refinery outages.

The average price of midgrade unleaded gasoline dropped 5 cents from Friday to $3.14 a gallon. The price of premium unleaded gasoline slipped to $3.25 a gallon, down 6 cents from four days ago.

Diesel prices sit at $2.95 a gallon, unchanged from Friday.

AAA's Daily Fuel Gauge Report gathers data from as many as 85,000 filling stations nationwide and posts its findings on www.fuelgaugereport.com.

Iran, which is the Organization of Petroleum Exporting Countries' second-biggest producer, today said the group will increase output as necessary, according to Reuters.

"In case the oil market needs it, OPEC will inject more oil into it," the official IRNA news agency quoted Javad Yarjani, head of OPEC affairs at Iran's oil ministry, as saying.

This encouragement helped push down gasoline prices. An analyst told USA Today that drivers can expect to see more relief soon.

"(There is) enough downward momentum to take pump prices down another 5 to 10 cents a gallon over the short term," said Tom Kloza, analyst at consultant Oil Price Information Service.

At $4.16 a gallon, drivers in Beaver Island, Mich., are seeing the highest gasoline price in the country. Drivers in Allentown, Pa., are seeing the lowest, at $1.94 a gallon, according to GasPriceWatch.com, which uses volunteer spotters to watch prices nationwide.

You may e-mail Jack Herman at jherman@crain.com

National Unleaded Average
 RegularMidPremiumDiesel
Current Avg.$2.96$3.14$3.25$2.95
Yesterday Avg.$2.99$3.15$3.27$2.96
Month Ago Avg.$2.98$3.17$3.28$2.91
Year Ago Avg.$2.99$3.17$3.29$3.01
*Prices are in U.S. dollars per gallon

You can reach Jack Herman at autonews@crain.com

0

Shares

ATTENTION COMMENTERS: Over the last few months, Automotive News has monitored a significant increase in the number of personal attacks and abusive comments on our site. We encourage our readers to voice their opinions and argue their points. We expect disagreement. We do not expect our readers to turn on each other. We will be aggressively deleting all comments that personally attack another poster, or an article author, even if the comment is otherwise a well-argued observation. If we see repeated behavior, we will ban the commenter. Please help us maintain a civil level of discourse.

Newsletters