Gas prices decline slightly in most regions from last week, though the national gasoline average is 88.4 cents above the price this time last year.
National retail fuel price averages
|
Price |
Change from last week |
| Regular gasoline/gallon |
$3.68 |
↓ .01 |
| Diesel fuel/gallon |
$4.12 |
↓ .02 |
Regional regular gasoline prices
|
Price |
Change from last week |
| East Coast |
$3.63 |
↓ .00 |
| -New England |
$3.64 |
↓ .02 |
| -Central Atlantic |
$3.63 |
↓ .03 |
| -Lower Atlantic |
$3.63 |
↑ .02 |
| Midwest |
$3.67 |
↓ .01 |
| Gulf Coast |
$3.58 |
↑ .06 |
| Rocky Mountain |
$3.81 |
↓ .02 |
| West Coast |
$3.86 |
↓ .05 |
| -California |
$3.91 |
↓ .05 |
Source: Energy Information Administration, 9/2/08. Figures rounded to the nearest cent.
For more information on saving fuel see our reports on how to get the best gas mileage and where to find the cheapest gas.
Previous
Posted by: Cale | Sep 3, 2008 11:20:53 AM
The falling gas prices is welcome news to anyone with a tight budget. But commenting that it is $.88 higher than this time last year without qualification, is a little strange. Bigger drops than the $.01 (for regular unleaded) have been reported each week for over a month now without any additional blog comments from CR. The price increase, relative to the previous year's price, was well over $1.00 gallon at it's height without note.
CR commented on May 27th, "Gas prices rise again with no end in sight." But CR knows perfectly well that gas prices have historically risen in the months leading up to the peak summer demand period and go down in the fall. Why would no end be in sight?
High gas prices are a reflection of many factors, worldwide demand for gas and diesel fuel, uncertainty about production capacity (hurricane concerns, war, etc.) and gas speculation to name a few. What is striking to me is the apparent surprise that many show when faced with higher gas prices. The myth of endless low gas prices, the $2.80 gallon price was very low, doesn't need to be perpetuated by CR.
Cale
Posted by: Jeff Bartlett - Consumer Reports | Sep 3, 2008 1:09:24 PM
Hi Cale,
In posting the weekly gas update, I thought it would be interesting to see what the cost was this week last year. Hard to remember paying a dollar less a gallon just one year ago... Useful to list each week?
Back in May, there was no immediate end in sight. You are correct, there are annual cycles, but at that time, we were commenting on the short-term trend. Definitely glad prices have come down. Now, if only they would drop another 88 cents...
Posted by: Cale | Sep 3, 2008 6:31:18 PM
if only they would drop another 88 cents...
Don't hold your breath.