Earlier this month, gasoline prices were approaching record highs. Because of recent drops in the price of a barrel of crude oil, gasoline prices no longer are threatening to break U.S. records.
The average price of regular unleaded gasoline nationwide was $2.92 a gallon today, down 5 cents from Friday, Aug. 18, and down 8 cents from one week ago, according to AAA, of Hawthorne, Fla.
On Aug. 8, regular unleaded gasoline sold for $3.03 a gallon, 2 cents off from the record high set after Hurricane Katrina last September.
Midgrade and premium fuel prices also saw a drop in pump prices today. Midgrade was selling for an average of $3.10 a gallon, 5 cents less than Friday's average. Premium gasoline was averaging $3.22 a gallon, down 4 cents from Friday.
Diesel fuel was the only price that didn't drop significantly in the last week. Today it was down 2 cents from Friday, selling for an average of $3.10 a gallon.
A barrel of crude oil was trading this morning at $72.50. On Aug. 8, crude oil was $76.45 a barrel.
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.
Drivers in Coronado, Calif., haven't seen the same relief at the pump, as regular unleaded gasoline was selling for $3.69 a gallon at one station - the highest price found in the nation. Meanwhile, at one station in Huber Heights, Ohio, gasoline was selling for $2.38 a gallon, the lowest price found in the nation.
GasPriceWatch.com uses volunteer spotters to watch gasoline prices nationwide. More than 437,000 prices have been listed this week.
You may e-mail Erin Robinson at [email protected]